1031 EXCHANGE - RELATIONSHIP MANAGER SPECIALTY DEPOSITS
WHAT IS THE OPPORTUNITY?
The Special Deposits-1031 Exchange Relationship Manager position is responsible for managing all aspects of the 1031 exchange transaction, including sales, presentations, documentation and timely communications with clients, attorneys and escrow/settlement agents. This key position is responsible for actively meeting the needs of both existing clients and prospective clients by presenting City National Bank's 1031 exchange services, providing information and support to all lines of businesses, and generating COI relationships for 1031 exchange referrals. The 1031 Exchange Relationship Manager acts as a subject matter expert to CNB/RBC colleagues, clients and prospects providing guidance with 1031 transactions. This position requires a deep understanding of 1031 regulations and risk management, strong presentation and communication skills, and adherence to bank policies. The position may approve transactions within delegated authority.
WHAT WILL YOU DO?
Focus on developing new 1031 Exchange Relationships. Assist colleagues in identifying 1031 exchange opportunities and solicit referrals for 1031 business from existing customers, a network of referral sources, and other professionals in the industry.
Present City National Bank's 1031 Exchange services to CNB/RBC colleagues, clients, referrals, and outside CPA/Attorney firms. Presentations may include learning opportunities for Continuing Education credits when requested.
Able to communicate 1031 Regulations to colleagues, prospects, clients and referrals. Act as a Subject Matter Expert without giving legal advice or opinion on specific transactions. Obtain all documents required to open the account and draft all exchange documentation.
Negotiate transactions dependent on the relationship, transaction details and any competitive pricing. Utilizing approved pricing models to assure profitability to CNB. Proposal to be reviewed with team leader and or department manager.
Ensure conformance with Bank policy and regulatory requirements. Exercise sound risk judgment in approving transactions. Ensures the quality of all business introduced to the Bank.
Represent the Bank by actively participating in outside civic and community affairs, business and industry-related organizations, and other professional activities as appropriate. Including trade shows, lunch and dinner association meetings as required for successful marketing of CNB.
Interface and partner with other Bank departments as necessary. Define responsibilities and coordinate objectives for all areas within the 1031 exchange process. Resolve any client needs and internal issues.
Maintain and update SalesForce with sales calls for prospects and clients, including referral opportunities from CNB/RBC. Prepare reports for management including providing monthly expense reports with proper detail.
Maintain awareness of competitive products, practices, rates and changes in market conditions.
Proactively identify, develop, and build relationships with clients and prospects consistent with the objectives of the division and the Bank to retain and deepen client relationships.
Promptly complete all record keeping and call report tracking, expense report documentation and follow-up, and all bank required training courses.
ADDITIONAL RESPONSIBILITIES
With moderate strategic guidance from the Team Leader, utilizes solid creativity and independence in developing and managing a flowing pipeline of 1031 exchange relationships
Consistently attains deposit and fee goals
Act as a consultant to clients and a resource to the Bank in developing and retaining business
Excellent product and operational knowledge
Excellent negotiation and closing skills
WHAT DO YOU NEED TO SUCCEED?
Required Qualifications
Bachelor's Degree or equivalent
Minimum 5 years working in 1031 Exchange services
Minimum 3 years working as a Certified Exchange Specialist
Additional Qualifications
Solid understanding of all 1031 Regulations
Certified Exchange Specialist® Strongly Preferred
Licensed Real Estate Attorney or Real Estate Broker Preferred
Effective sales and marketing abilities
Capable of working well independently and in teams
Has the ability to work autonomously in making sound business decisions and exercises appropriate level of authority commensurate with experience and responsibility
Strong interpersonal, verbal, and written communication skills
WHAT'S IN IT FOR YOU?
CompensationStarting base salary: $92,114 - $156,880 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues including:
Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
Generous 401(k) company matching contribution
Career Development through Tuition Reimbursement and other internal upskilling and training resources
Valued Time Away benefits including vacation, sick and volunteer time
Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
Career Mobility support from a dedicated recruitment team
Colleague Resource Groups to support networking and community engagement
Get a more detailed look at our https://careers.cnb.com/benefits.
ABOUT US
Since day one we've always gone further than the competition to help our clients, colleagues and communities flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues today. City National is a subsidiary of Royal Bank of Canada, one of North America's leading diversified financial services companies. To learn more about City National and our dynamic company culture, visit us at https://www.cnb.com/about-us.html.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
*Represents basic qualifications for the position. To be considered for this position, you must at least meet the required qualifications. careers.cnb.com accepts applications on an ongoing basis, until filled.
Unless otherwise indicated as fully remote, reporting into a designated City National location is an essential function of the job.
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