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Premier Senior Trust Officer, Vice President
Union Bank
Los Angeles, CA, United States
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Description
Join a bank that’s as committed to your future as you are. At Union Bank, a part of Mitsubishi UFJ Financial Group (MUFG), we share a vision for our future, we share our successes, and we strive to bring out the best in each other in everything we do. Our diverse colleagues are connected by a common ambition to create change for the better – from forging more dynamic career paths, to driving progress in our communities, to continuously reshaping the standards of financial services. Positive impact starts here; see the change you can make as we strive to become the world’s most trusted financial group.
Job Summary:
Responsible for the trust administration of the larger, more complex, portfolio of trust accounts. Accounts are drawn from any one or more of the following categories: probate, guardianships,living and testamentary trusts, investment advisory and custody accounts, escrows and employee benefit trusts.
Responsibilities include managing all accounts in accordance with applicable legal requirements and securing Bank and external professional services as appropriate to fulfill the special needs of trust clients.
Responsible for maximizing the profitability of existing accounts by communicating the benefits of Bank Trust services to clients, prospects and their professional advisors. The position may also have the responsibility of supervising and developing the activities of junior trust officers.
Major Responsibilities:
Trust Admin Duties: This level is assigned the more complex accounts. Complexity is defined as: Accounts that include unusual and sophisticated tax situations and multi family generation. Accounts assigned are considered riskier and more profitable accounts. Responsible for managing all of the administrative and fiduciary functions of the Bank in each of the accounts assigned. The nature of these account responsibilities will vary according to the type and complexity of the account.
The position is responsible for securing the following specialized services on behalf of the account:
1. Securities portfolio management.
2. Real Estate portfolio management.
3. General accounting services.
4. Tax accounting and returns.
5. Paying, receiving and safekeeping.
6. General banking services.
7. Special financial reports as required by law.
In addition, the coordination and provision of outside professional services may also be the position's responsibility. These include, but are not limited to:
1. Legal counsel.
2. Tax/financial planning and CPA services.
3. Real property appraisal.
4. Personal crisis/medical consultation.
5. Retirement plan record keeping.
6. Special asset appraisal, management and disposition (including: closely-held businesses, natural resource producing property, agricultural land, collectible personal property, limited partnerships and tax shelters).
• Responsible for providing quality service to each account in the positions book of accounts through a thorough knowledge of the personality of each account. This includes maintaining on-going relationships with clients, beneficiaries, trustors and related professionals connected with those accounts.
• Administers all accounts according to applicable laws, regulations and policies and in accordance with trust documents to carry out the intent of the trust.
• Regularly reviews all of the financial transactions in each account, and to review, monitor and ratify all cash payments and fee charges.
• Responsible for being aware of areas, which may represent potential liability to the Bank, making specific recommendations to the Trust Manager.
• Includes actively following pending litigation or areas of potential liability involving accounts administered by other Trust Administrators providing guidance and support as needed.
• Contact and correspond with beneficiaries/principals and other interested individuals involved in the assigned accounts pursuant to guidelines established.
• Resolve any problem of beneficiaries/principals of routine, assigned accounts, which are sometimes of sensitive nature.
• Act as investment portfolio manager for accounts invested solely in Common Trust Funds and determine investment diversification based upon investment policies and customer objectives.
• Assist or draft performance reviews of subordinate staff members for supervisor's review.
• Make decisions on maintenance or termination of unprofitable or marginally profitable accounts. Work closely with supervisor to improve productivity and develop the ability to administer more complex accounts.
• Receive discretionary distribution requests from beneficiaries of irrevocable trusts and product documentation for submission to Discretionary Sub-Committee.
• Prepare required reports or information as requested by supervisor or management.
• Maintain communication with trust beneficiaries, providing such personal services as are needed and appropriate.
• Maintain current knowledge of trust laws, principles and regulations in general, and with regard to the specific nature of the accounts in the position's book of accounts.
• Reviews, ratifies and monitors the execution of investment, real estate management and other service decisions made by portfolio, real estate and other Bank officers or outside consultants, as appropriate to each account.
• Develop and maintain a familiarity with the Bank's economic and investment strategies.
Qualifications
Additional Information:
Typically requires minimum of 6 to 7+ years direct trust administration experience in complex accounts.
Advanced knowledge of trust computer systems, SEI, and its capabilities. Advanced knowledge of trust administration, investments, real estate, cash management vehicles, Common Trust Funds, mutual funds, probate code, closely held entities, partnerships, insurance, annuities, and tax laws as they apply to individuals and fiduciaries. Demonstrated Trust administration experience of complex accounts. Ability to read and interpret complex trust instruments, and make decisions based upon knowledge and research. Understanding the liabilities associated with the bank acting as a fiduciary for individuals or entities.
Requires demonstrated Trust adminstration experience and established ability to apply this specific knowledge in the administration of complex accounts.
Also requires demonstrated knowledge of hte principles of trust and estates, related taxation and financial planning practices and other specialized services applicable to the successful administration of a variety of accounts. The applicant must understand the needs of each account and meet those needs.
Demonstrated ability to communicate successfully, both orally and in writing, with clients and co-workers throughout the organization. Familiarity with applicable accounting functions, as well as knowledge of Bank services is also required. Computer skills including, but not limited to, word processing, spread sheet applications, and database management.
Preferred at least one of the following:
JD (Juris Doctorate)
CTFA (Certified Trust and Financial Advisor)
CFP (Certified Financial Planner)
CRSP (Certified Retirement Service Professional)
CTCP (Certified Trust Compliance Professional)
CFSA (Certified Financial Service Auditor)
AEP (Accredited Estate Planner)
CSIP (Certified IRA Services Professional)
The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.
We are committed to leveraging the diverse backgrounds, perspectives and experiences of our workforce to create opportunities for our people and our business. Equal Opportunity Employer Minority/Female/Disability/Veterans.