What are the responsibilities and job description for the Operations Specialist position at Choate, Hall & Stewart LLP?
To provide analytical support to Choate Hall & Stewart's Wealth Management Department and Choate Investment Advisors. Cash and asset requests will be reviewed, entered into custodial accounting systems with proper coding, taxation, description, and sent for approval.
Job Functions:
- Maintain account and client data on accounting system. This includes statement setup, client portal setup, address changes, account/client personnel and investment details.
- Oversee daily overdraft process by identifying accounts in an overdraft situation and working with Trust Advisors and Portfolio Managers to provide coverage.
- Process ad-hoc cash requests including checks, wires, ACH payments, transfers, and receipts. This involves managing assigned request inboxes, reviewing the request to ensure all necessary information is included and accurate and entering the request into the appropriate custodial accounting system.
- Review incoming checks with team and deposit approved checks with custodian bank.
- Responsible for identifying, setup and maintenance of all recurring cash items including, but not limited to, bill payments.
- Create and maintain individual client payment schedules and reconcile payment process daily. Work with trust advisors and electronic file specialists to identify potential late payments and receipts.
- Reconcile cash balances - involves reviewing exception reports provided by custodian bank and researching discrepancies. All discrepancies must be addressed same day and resolved within 2 business days.
- Assist asset team with asset setup and classification, processing internal account transfers and stock gifting.
Essential Competencies:
- Works proactively with others to support efforts within a department or function of the Firm.
- Strong Excel skills.
- Maintains current knowledge of trends and developments affecting the area of specialization.
- Uses innovative thinking and exercises sound judgment to achieve results.
Qualifications:
- Bachelor's Degree required. Concentration in Accounting, Finance, or Business Administration preferred.
- 1-2 years of progressive experience within Trust Operations required. Will consider internship experience within Wealth Management.
- Knowledge of Trust Operation procedures and the processing of individual account transactions.
- Must be a team player and be able to consistently meet deadlines.
