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VP, Trust Officer
Wintrust
Lake Forest, IL, United States
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Description
Responsible for the complete administration of personal trust accounts including estates, trusts, guardianships and agencies up to and including complex situations. Represents the bank in contacts with customers, attorneys, beneficiaries and other related parties. Administers assigned personal accounts; studies and analyzes the trust instrument; determines and adheres to the responsibilities, duties, and terms of the governing trust document; monitors account activity ensuring compliance with established policies, procedures, rules, and regulations. Contacts, corresponds, advises, and resolves more complicated problems with clients, beneficiaries, portfolio managers, attorneys, CPAs, and other professionals in the course of an administration of accounts. Represents the Trust Company in business-related activities including professional organizations, conferences and similar situations. Cross-sells other appropriate banks services. Represents the Trust company in court appearances and in business-related activities. Develops new business; consults with other and refers other officers to new business prospects. Obtains appropriate documentation on accounts; authorizes payments from accounts, considers tax liabilities, and recommends/approves discretionary payments in accordance with bank policies. Assists in department management by recommending changes to policies and procedures.
Responsibilities:
Duties include but are not limited to administration, sales, and operational responsibilities in the following areas:
Administration
Administer estates from asset collection thru court process and distribution per terms of will. Protect, insure, and oversee sale of real estate, financial assets, collections, and personal property. Locate tax returns and financial records for final tax returns and coordinate preparation and filing. Settle liabilities of decedent. Locate heirs.
Represent the company as trustee with irrevocable and revocable trusts by reviewing documents, accepting a fiduciary role, collecting cost and tax information through investment process and final distribution. Preparations of annual tax returns are coordinated as are investment reviews and meetings with clients. Asset protection as indicated with estates is required. Review and settle medical claims, other liabilities and locate heirs.
Open and coordinate investment role with investment management accounts for personal and individual retirement account assets. Collect assets with cost basis and acquisition dates and review with client special investment requirements and investment objectives. Coordinate meetings with portfolio managers. Contact clients with required minimum distributions from IRAs and order distributions as well as other distributions from IRAs.
Open and collect assets and tax information for custody accounts. Review advantages of managed accounts and attempt to upgrade fee level. Transfer cash and assets as requested.
Sales
Provide staff training for eleven bank branch locations for services described above. Develop and maintain relationships with area lawyers, accountants, and centers of influence for business referrals. Work closely with WWM employees and Wintrust Bank staff and cross-sell trust services.
Operational and other duties
Initiate and monitor asset transfers. Review fees as to appropriateness. Maintain files, supplies, and marketing material at all locations. Maintain internal reviews of all accounts and coordinate with portfolio managers when needed.
• Participates in special projects as requested from time to time.
Qualifications
Requires knowledge of personal trust, IRAs, estates and official guardianship administration.
Experience and Training:Bachelor’s degree or equivalent experience. More than ten years related experience or training in a trust department. Successful completion of Certified Trust and Financial Advisor program desired but not required.