Private Bank Account Management Ops Analyst
Pennington, New Jersey
Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates' physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
This job is responsible for moderately complex activities supporting the creation, onboarding and maintenance of accounts, according to the established guidelines and procedures. Key responsibilities include providing quality service and effective operations support for internal business partners and external clients and assisting in training for less experienced team members. Job expectations include operating with a moderate level of independence, and referring to their team lead or manager for direction and support with moderately complex issues and escalations.
Responsibilities:
Performs onboarding and maintenance of accounts and reviewing required account documentation.
Responds to moderately complex client inquiries via numerous channels to support operational efficiency and quality client service
Reviews and approves required account documentation
Proactively identifies risk and opportunities for process improvement based on an understanding the work impacts other operational units
Performs moderate levels of research, follow-up and resolution of more complex routine research requests
Skills:
Account Management
Customer and Client Focus
Oral Communications
Research
Analytical Thinking
Attention to Detail
Collaboration
Problem Solving
Prioritization
Recording/Organizing Information
Result Orientation
Line of Business Job Description:
The Analyst is responsible for fulfilling a service request from a Bank of America Private Bank office to open accounts, receive assets, and update account data based on the individual account requirements. The teammate is responsible for the distribution of assets/cash from an account to designated persons based on the unique account circumstances and governing document guidelines, which may result in the final termination of the account. The Analyst is responsible for reviewing exception reports, reject reports and other error reports that have to do with asset transfers that were not processed successfully, along with updating the corporate action list and processing other unique asset transfers on the platform.
Through this position, the Analyst will enhance their knowledge of fundamental concepts and proprietary program skills necessary in excelling in a career at Bank of America Merrill Lynch.
This role is responsible for moderately complex transaction processing, reconciliation, and resolution of research requests supporting the wealth management business. These transactions and requests may carry high levels of monetary risk. Additional responsibilities include providing quality service and effective and efficient operations support for internal business partners and/or external clients. Individuals should be well versed in operational processes and assist in training for less experienced team members.
Responsibilities:
Performs moderately complex transaction processing and reconciliation with medium to large monetary impact according to the established guidelines and procedures.
Responds to moderately complex client inquiries through numerous channels to support operational efficiency and quality client service.
Responsible for the analysis and resolution of moderately complex transactions requiring escalations and/or exceptions.
Proactively identifies risk and opportunities for process improvement based on an understanding the work impacts other operational units.
Reviewing and interpreting legal documents (trusts, wills, agency agreements, etc.) and forms
Professional communication (written and verbal) with Bank of America Private Bank Client Teams and Business Units
Opening accounts per governing instrument and making any necessary data updates to existing accounts
Working with business partners to receive/transfer assets and follow up on the status of funding.
Responsible for the analysis and resolution of moderately complex operations problems and initiatives requiring exception handling and working with multiple operational and/or product specialists to resolve .
Preparing distribution schedules to properly allocate assets/cash to designated owners, including obtaining approvals.
Preparing asset valuations as needed for accounts.
Transferring assets/cash to internal accounts and external firms for clients using internalapplications/systems
Reconciliation and follow up of final interest and dividends received into accounts to ensure they are transferred to the correct clients .
Properly closing accounts from systems and reporting data Maintaining or exceeding service delivery levels
Monitor exception and error reports to determine if reversals are required on transfers.
Monitor new corporate action items and update list for usage.
Process unique asset transfer for internal accounts?.
Required Skills:
Organizational and time management skills
Ability to manipulate data using spreadsheets and other similar desktop applications.
Knowledge of Various Investment Types (stocks, bonds, mutual funds, etc.)
Experience, knowledge of or studies related to Finance or Accounting
Ability to prioritize and handle multiple job-related duties efficiently while exercising sound judgment to ensure all quality measurements, deadlines and business objectives are met
Proven history of effective ownership and accuracy
Ability to work independently while effectively managing and finding resolution to complex situations Exhibit professionalism in all situations.
Embrace and can be a catalyst for change.
Desired Skills:
1+ year(s) of Legal Document Review (not required)
Proficient with Microsoft Office, Outlook, Word and Excel
An understanding of technology and the ability to incorporate that understanding into process improvements
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "Know your Rights" poster, CLICK HERE (https://www.eeoc.gov/sites/default/files/2023-06/22-088\EEOC\KnowYourRights6.12.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy ("Policy") establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America's Drug-free Workplace and Alcohol Policy, CLICK HERE .
Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank's required accommodation request process before your first day of work.
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
