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Wealth Management Associate
Commerce Bank
Kansas City, MO, United States
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Job Expectations:
How would you like to work for a great company that offers career growth and values your skills and experience? For over 150 years, Commerce Bank has built a strong reputation as a “Super Community” bank and is recognized as an industry leader. In today's growing and competitive financial services industry, we look for creative and innovative solutions to meet the needs of our customers. To achieve our results, we recruit the best and brightest employees who ask, listen and solve to meet our customers’ needs!
The Wealth Management IRA Associate is the primary point of contact for Private Client Advisors within the Commerce Trust Company. The Commerce Trust Company, a division of Commerce Bank, is ranked among the top 25 investment advisors in the U.S. with over $49 billion in client assets. The Commerce Trust Company concentrates on serving individuals, families, business owners and institutions investment management needs through a combination of world class capabilities and resources, objective advice, customized solutions and unparalleled service.
The primary focus is servicing and processing for time sensitive, high risk transactions for internal Private Client Advisors. The IRA Associate also serves as a liaison between the Advisors and other departments of the Trust Company including Operations, Audit, Compliance, Legal and Tax. The IRA Associate plays a key role in how new customers form their first impressions of the Trust Company. This requires excellent relationship building skills, critical thinking, and the ability to make sound and prudent judgment on a simple perception of a situation. This role also requires excellent attention to detail along with a broad range of industry knowledge including current taxation and compliance regulations.
The IRA Associate performs critical and reoccurring processes related to:
• Customer Service – the primary focus is building and maintaining relationships with Private Client Advisors and insuring a timely, complete and accurate processing of IRA transactions. The position requires the ability to understand the ultimate goals of the advisors and to deliver support and resolutions that meets those goals.
• Distributions - work closely with and provide customer service for Private Client Administrators to facilitate all distributions related to the IRA product offering; receives notification from the Private Client Administrators along with the information needed to facilitate IRA distributions; responsible for processing normal and premature distributions, distributions due to disability, death, internal transfer distributions, and transfers to an outside custodian; responsible for processing state and federal withholding; ensure all compliance requirements have been met and all processing and coding is complete, timely, and accurate.
• Administration - ensure appropriate controls are in place for all processes related to the IRA product offering; responsible for identifying accounts with clients reaching their required minimum distribution; collaborate with the Private Client Advisors to mail Required Minimum Distribution letters to the clients identified and reviewing reports to review accounts that have not satisfied their RMD; gather missing account information such as date of birth, date of death, and beneficiaries.
• File Room – assist with daily work in the Kansas City file room and the Electronic File Room to assist in document filing for Trust Accounts, including pulling current files as requested, and electronically filing documents as they are sent in.
Education:
• Bachelor’s Degree with an emphasis in Finance or Accounting preferred or equivalent work experience
Experience:
• Two to five years of experience in finance or investment management industry preferred
• Excellent communication and customer service skills
• Ability to thrive in a fast-paced team environment while maintaining a high level of accuracy
• Ability to resolve problems and identify and drive process improvements
• Results oriented and self-motivated
Technical Knowledge/Skills:
• Knowledge of Trust industry and terminology
• Strong PC, word processing, Excel and Access database skills
Time Type:
Full time