Hours/Week: 40 hours Location: South Burlington, VT or Plattsburgh, NY
***Previous experience will be considered when determining actual starting rate/level***
This position is responsible for servicing and administering assigned accounts in a fiduciary capacity in accordance with account agreements, terms of legal documents, trust policy, state fiduciary statutes, banking regulations, and federal/state laws. The overall complexions of the accounts vary in nature, size, and complexity. The types of accounts serviced include but are not limited to: non-discretionary and discretionary agency accounts, directed and discretionary IRAs, guardianship/conservatorships, estate settlement accounts, and various types of trusts including revocable, irrevocable, irrevocable life insurance trusts (ILIT), supplemental needs, and testamentary.
Education and Training:
J.D. or B.S., B.A., or M.B.A. degree with a major in Business, Accounting, Marketing, Finance, Economics or related field
Minimum of five 2 years' experience in trust industry or related position preferred.
-Administer and service assigned accounts in accordance with account agreement, controlling legal document, fiduciary state laws, federal laws, banking regulations, and policies and procedures of the bank and trust department. Responsibilities include, but are not limited to the following:
-Analyze agreements and legal documents associated with the account to determine purpose/intent, the bank's legal capacity, co-authorities, legal requirements, fee provisions, required distribution provisions, discretionary distribution provision language, restrictions, taxation and tax reporting requirements, accounting/reporting requirements, asset retention, investment authority, investment restrictions, terminating events, and other matters of administrative importance.
-Respond to client inquiries in a timely manner and document responses.
-Maintain up to date, accurate, neat, organized, and well documented files.
-Maintain accurate account information details on the trust accounting system including synoptic coding, restricted assets, statement recipients, recipient tax coding, etc.
-Perform documented annual administrative review of accounts in accordance with trust policy and procedures.
-Review distribution requests to ensure their legitimacy, proper authorizations, document language provisions, funds availability, etc.
-Daily review of account overdrafts with appropriate action to clear within policy limits.
-Daily review of account transaction activity to ensure transactions are accurately reflected in accounts for internet viewing by client and/or statement production recipients.
-Communicate to clients by phone, letter or email on account related matters as required and/or needed.
-Confer and arrange meetings with clients, heirs, attorneys, and other interested parties as necessary over the life of the account to explain the bank's role, resolve problems, establish needs and interests of interested parties, and provide overall assistance.
-Monitor uninvested cash and account liquidity for cash requirements and communicate with portfolio and/or investment manager as needed.
-Ensure future events are reflected in trust accounting tickler system to ensure required action is taken when needed.
-Prepare annual filings to courts, state agencies, and federal agencies, when required.
-Prepare interim and final accountings for trust and estate accounts.
-Ensure non-standard/unique assets, such as real estate, jewelry, household furnishings, and automobiles are properly secured, insured, valued, inspected and administered/disbursed/disposed of in accordance with the legal document and trust policies and procedures.
-Perform due diligence on client, account documents, asset funding, tax filings, circumstances of the client/account, and source of funds prior to account acceptance in accordance with trust policy and procedures and banking regulations. Refer high risk accounts to trust management for review and approval. Upon acceptance of account, complete all new account opening requirements as outlined in trust policies and procedures.
-At account termination, ensure the bank's legal responsibilities are properly discharged, approved authorizations are received, and ensure terminating fees are calculated and received.
-Perform all duties in conjunction with the estate's attorney for the settlement of an estate where the bank is legally appointed to settle. Maintain professional relationship with the estate beneficiaries for court settlement purposes and also as a potential source of new business.
-Escalate legal threats, security concerns, or other matters of concern to trust management and/or appropriate risk management personnel.
-Review, analyze, and recommend drafting language to clients and attorneys on estate planning documents.
-Select and work with professionals on account related matters including appraisers, attorneys, accountants, real estate agents, insurance agents, investment advisors, subsidiaries of the bank, and members of wealth management.
-Develop and maintain relationships with professionals listed above for the development of new business for trust department, wealth management department and the bank.
-Actively promote services of trust, wealth management, and the bank both internally and externally. Participate and present at internal meetings. Externally, participate in community related events and serve on civic/non-profit boards. Develop business from new and existing clients.
-Maintain active awareness of changes in law that affect the service and administration of trust department accounts.
-Provide quality service to customers, whether internal or external.
-Demonstrate cooperative efforts in working with other departments and within own department.
-Voting member of internal trust committees.
-Oversee, supervise and manage support staff.
-Maintain proficient knowledge of, and demonstrate ongoing compliance with all laws and regulations applicable to this position, ensure ongoing adherence to pertinent policies, procedures, and internal controls, and meet all job-specific training requirements in a timely fashion.
-Perform other related duties as assigned or directed.
As an integral member of the trust department, this position is responsible to assist the department, as well as the bank, in achieving their goals.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee may be required to stand, walk, sit, user hands to finger, handle, or feel, reach with hands or arms, and speak and hear. The employee may occasionally be required to lift and or move up to 25 pounds. Specific vision abilities required by this job include close vision, and the ability to focus.
Community Bank System, Inc. is an Affirmative Action, Equal Opportunity Employer who fully embraces diversity - minorities/females/veterans/individuals with disabilities/sexual orientation/gender identity.