Senior Trust Advisor
July 25, 2017
Malvern, PA, US
July 25, 2017
To provide trust administrative services to High Net Worth and Ultra High Net Worth clients.
Duties and Responsibilities
- Provides fiduciary guidance and training as necessary to assist and develop peers and financial advisors.
Administers the largest and most complex trust relationships. Interacts with high net worth and ultra high net worth clients, their families and advisors (e.g. attorneys, CPAs) to insure complex financial and estate plans are properly implemented. Understands client needs and trust and wealth planning strategies and incorporates such knowledge into the relationship objectives.
- Understands Vanguard National Trust Company (VNTC) criteria for acceptance of trustee appointments. Reviews trust documents and provides recommendations as to suitability to trust management. Reviews trust documents drafted by client’s estate planning attorneys to ensure compliance with VNTC and legal requirements, including VNTC’s trust administrative provisions. Recommends alternatives to clients that are consistent with VNTC requirements and client objectives.
- Provides trust operations with information necessary to properly establish new accounts on the trust accounting system, including tax and fee coding, and establishment of beneficiary statements and distributions. Insures that all documents necessary for proper account administration, including prior year tax returns, tax worksheets, estate and gift tax returns, etc., are obtained from the prior trustee. Once the account is funded, ensures that the cost basis is accurately updated.
- Supports financial advisors by processing and coordinating fiduciary actions including discretionary distributions, document interpretation, tax compliance and account maintenance. Prepares a synopsis of each trust document, summarizing the relevant administrative and dispositive provisions of the trust for use by financial advisors. Maintains all fiduciary and administrative documents and history for each client relationship as necessary for administrative management, continuity, and support of regulatory reviews by the Office of the Comptroller of the Currency (OCC).
- Performs periodic administrative account reviews (PAARs) of trust accounts to ensure compliance with the terms of the trust document and all applicable laws, regulations, and internal policies. Reviews findings with management and the assigned trust administrator. For his or her own accounts, insures that any issues identified in PAARs completed by other trust administrators are addressed and corrected as appropriate.
- Reviews all transactions in assigned trust accounts daily to insure accuracy, appropriateness, proper tax coding, and adequate transaction description. Reviews periodic account maintenance reports to insure the accuracy and appropriateness of any changes.
- Maintains an in-depth understanding of compliance, regulatory and departmental policies and procedures including the requirements of the Bank Secrecy Act (BSA) and Asset Management Services (AMS) internal BSA compliance and anti money laundering policies and procedures. Maintains and enhances knowledge of all aspects of trust administration. Understands and can discuss in detail advanced estate planning techniques with clients and attorneys.
- Maintains thorough, current knowledge of all areas of AMS. Monitors and understands changes in tax statutes and related estate planning techniques.
- Looks for opportunities for proactive communication with financial advisors and clients, providing qualitative, professional, and creative suggestions and assistance when discussing administrative, tax, and wealth planning issues.
- Participates in special projects and performs other duties as assigned.
- Undergraduate degree (business discipline preferred).
- Five years or more of personal trust administration or closely related experience.
- Certified Trust and Financial Advisor or CFP (or willingness to pursue) preferred.
- Strong verbal and written communication skills.
- Broad knowledge of trust, banking and investment industry is preferred.
- Previous experience with trust accounting and tax reporting system preferred.
Occasional overnight travel.