Delaware Senior Trust Officer
Wilmington, Delaware
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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 an 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:
The Delaware Senior Trust Officer (Delaware STO) maintains a trust book and is a seasoned Trust Officer providing Delaware Trust Law expertise to the national markets. Delaware STO works closely with national Private Bank teams and ML fiduciary advisors to achieve strategic objectives of PWM markets overall. The Delaware STO's primary responsibilities are the administration of the Delaware IM&T book, as well as, working with the client teams to facilitate Delaware Trust Book growth. The Delaware STO will have a complex book of business and will be expected to deepen his or her relationships through estate and financial planning. The Delaware STO works with the PCA/Client Team or ML financial advisors and/or national MTE, MTTL or TTL to assure trust product awareness and education of clients and Private Bank associates in national markets. Responsible for the Delaware STO book's management of fiduciary risks and trust policy adherence. Able to mentor more junior associates. Well-respected internally and externally (e.g. COI) with proven ability to partner effectively.
Key Responsibilities:
Work with clients, their attorneys and other professionaladvisors includingco-trustees, investmentadvisors, accountants,distribution advisors, and protectors to understand the comprehensive estate plan. Facilitate a collaborative team approach to provide superior client service.
Respond to requests frombeneficiaries includingrequest for discretionarydistributions. Obtainsupporting documents such as tax returns andbudgets. Preparediscretionary distributionrequest outliningthe dispositive provisions and otherrelevant languagein the trust agreement and make recommendations regarding how the Trust Company should exercise discretionary powers pursuant to the terms of the governing instrument. Confer with co-trustee (if any) to obtain his/herapproval. Communicate thedecision to client.
Minimize account risk by analyzing trust documents and performing annual account reviews for compliance with trust provisions, state and federal regulations, and trust policy andprocedure adherence. Utilizerisk management tools, such as the overdraft report, daily transactionreport, etc.
Communicate withinvestment advisors, portfolio managers,and financial advisors regardinginvestment matters and liquidity needs.
Work with the Account Opening Group to open trust accounts. Interpret the governing instrument to ensure the proper set-up of account records, including payments, fee schedules and tax records. Communicate with beneficiaries and co-trustees to outline administrative procedures.
Must have detailed knowledge of how trusts function and are administered. Prior experience administering Delaware Directed Irrevocable Trusts is preferred.
Need to be detail-oriented and be able to manage multiple priorities and projects. The trust officer should have excellent time management and organizational skills. Since the trust officer will interact with clients and their advisors, the trust officer should also have very strong communication and interpersonal skills.
Must be able to effectively coordinate with the Bank's Tax Team, various fund managers, and the clients' personal tax preparers to ensure information is shared with the appropriate parties for timely completion of the applicable tax returns.
Eager to contribute ideas to continuously improve systems and processes to ensure we can deliver the best possible service for our clients.
Willing to mentor junior associates to help with their growth and development.
Adhere to the Bank's core values of delivering together, acting responsibly, realizing the power of our people, and trusting the team.
Desired Qualifications:
7 plus years of trust experience
Bachelor's degree or equivalent experience, CTFA or JD highly preferred.
Skills:
Account Management
Analytical Thinking
Attention to Detail
Client Management
Customer and Client Focus
Active Listening
Collaboration
Critical Thinking
Prioritization
Relationship Building
Mentoring
Oral Communications
Organizational Effectiveness
Problem Solving
Written Communications
Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent
For internal employees; participation in a work from home posture does not make you ineligible to post.
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.
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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.
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