What are the responsibilities and job description for the Trust Operations Manager position at Dime Bank?
Dime Bank's wealth management offering is spearheaded by its Trust Services department which provides fiduciary services(specifically Trust and Estate administration), active asset management, and wealth advising to our clients. This team has seen remarkable growth in AUM and relationships, and we are looking for our next Trust Operations Manager to support and help shape the future of this successful team.
Under the guidance of the Senior Trust Officer, the Trust Operations Manager assumes responsibility for the operations activities of the trust department including maintenance of records, tax information and trust reconcilements.
All operations staff report to this position. Responsible for managing operations-related activities. Develops and oversees implementation of operations policies, new services, and strategies.
Serves as primary liaison with custodians and monitors/performs quality control of systems network. Oversees compliance issues.
Provides customer service, e.g., performing trust services, resolving account problems, etc. Administers assigned Trusts, Investment accounts / relationships.
Position Responsibility:
1. Manages designated accounts:
• Provides for efficient servicing of established trust accounts
• Sets agreed upon account service standards with clients
• Communicates with clients as to account status and performance
• Coordinates with outside advisors as required or requested
• Participates in Trust & Investment Committee meetings
• Responsible for accounts' annual reviews and internal quarterly reviews
• Maintains and reviews tax information - specifically annual filings
• Reviews account documents to determine scope of Bank's fiduciary responsibility and adherence to fiduciary standards
• As assigned, Probates wills in accordance with financial institution policies and state laws.
• Appraises and secures assets within the financial institution as directed. Manages real estate, closely held corporations and other situations subject to valuation, in accordance with state and federal laws.
• Pays all taxes due in a timely manner (real estate, estimated state & federal taxes for individual, trust, and estates accounts).
• Ensures beneficiaries are properly notified and that assets are distributed according to terms of wills.
• Ensures trusts are carried out in accordance with agreements.
• Ensures trust income is collected, distributed and/or invested, and that the principal is properly managed, in accordance with agreements.
• Performs managerial duties in the Trust Department, as directed.
• Develops new and additional business among existing trust customers.
2. Coordinate with Operations area regarding:
• Maintenance of account synopsis
• Updating account files
• Completion of necessary forms as required by operations area
• Communicating account changes that affect operations
3. Communicate with Investment Officer (IO):
• Develops investment objective/policy statement with client and IO
• Communicates with IO on changes to client’s objectives
• Meets with client and IO on agreed upon schedule
• Understands current investment outlook and investment policy
4. Operational oversight of Compliance
• Revises or updates Trust Policies and Procedures as necessary.
• Maintains information base on federal, state, and local laws and regulations as they relate to trust accounts and to financial institution management.
• Assists outside or independent trust auditors and examiners as necessary.
• Take corrective actions necessary in relationship to audits and exams findings.
• Conducts vendor due-diligence.
5. Performs other managerial and administrative duties as required
Knowledge, Skills, and Requirements:
• Bachelor's Degree or its equivalent through specialized training in trust and related subjects. 10 years’ experience in trust management and administration. Strong knowledge of state, federal and NASD regulations and compliance guidelines.
• Must be efficient, detail oriented, accurate and organized.
• Supervisory skills and an ability to manage and interact positively with others.
• Excellent interaction with customers and coworkers.
• Ability to anticipate and resolve issues and responsibilities.
• Perform duties of the position with strict adherence to all bank policies.
• Excellent written and verbal skills.
• Self-motivation, ability to work independently
• Knowledge of and ability to work with computers in a Microsoft Office environment and with industry software.
Physical Demands and Condition Requirements:
• General office environment.
• Some travel to service multiple office locations.
Equipment Used:
• General office equipment, i.e., calculator, photocopier, etc.
• Computer
ADA: The employer will make reasonable accommodations in compliance with the Americans with Disabilities Act of 1990.
• CTFA Designation desirable.
Under the guidance of the Senior Trust Officer, the Trust Operations Manager assumes responsibility for the operations activities of the trust department including maintenance of records, tax information and trust reconcilements.
All operations staff report to this position. Responsible for managing operations-related activities. Develops and oversees implementation of operations policies, new services, and strategies.
Serves as primary liaison with custodians and monitors/performs quality control of systems network. Oversees compliance issues.
Provides customer service, e.g., performing trust services, resolving account problems, etc. Administers assigned Trusts, Investment accounts / relationships.
Position Responsibility:
1. Manages designated accounts:
• Provides for efficient servicing of established trust accounts
• Sets agreed upon account service standards with clients
• Communicates with clients as to account status and performance
• Coordinates with outside advisors as required or requested
• Participates in Trust & Investment Committee meetings
• Responsible for accounts' annual reviews and internal quarterly reviews
• Maintains and reviews tax information - specifically annual filings
• Reviews account documents to determine scope of Bank's fiduciary responsibility and adherence to fiduciary standards
• As assigned, Probates wills in accordance with financial institution policies and state laws.
• Appraises and secures assets within the financial institution as directed. Manages real estate, closely held corporations and other situations subject to valuation, in accordance with state and federal laws.
• Pays all taxes due in a timely manner (real estate, estimated state & federal taxes for individual, trust, and estates accounts).
• Ensures beneficiaries are properly notified and that assets are distributed according to terms of wills.
• Ensures trusts are carried out in accordance with agreements.
• Ensures trust income is collected, distributed and/or invested, and that the principal is properly managed, in accordance with agreements.
• Performs managerial duties in the Trust Department, as directed.
• Develops new and additional business among existing trust customers.
2. Coordinate with Operations area regarding:
• Maintenance of account synopsis
• Updating account files
• Completion of necessary forms as required by operations area
• Communicating account changes that affect operations
3. Communicate with Investment Officer (IO):
• Develops investment objective/policy statement with client and IO
• Communicates with IO on changes to client’s objectives
• Meets with client and IO on agreed upon schedule
• Understands current investment outlook and investment policy
4. Operational oversight of Compliance
• Revises or updates Trust Policies and Procedures as necessary.
• Maintains information base on federal, state, and local laws and regulations as they relate to trust accounts and to financial institution management.
• Assists outside or independent trust auditors and examiners as necessary.
• Take corrective actions necessary in relationship to audits and exams findings.
• Conducts vendor due-diligence.
5. Performs other managerial and administrative duties as required
Knowledge, Skills, and Requirements:
• Bachelor's Degree or its equivalent through specialized training in trust and related subjects. 10 years’ experience in trust management and administration. Strong knowledge of state, federal and NASD regulations and compliance guidelines.
• Must be efficient, detail oriented, accurate and organized.
• Supervisory skills and an ability to manage and interact positively with others.
• Excellent interaction with customers and coworkers.
• Ability to anticipate and resolve issues and responsibilities.
• Perform duties of the position with strict adherence to all bank policies.
• Excellent written and verbal skills.
• Self-motivation, ability to work independently
• Knowledge of and ability to work with computers in a Microsoft Office environment and with industry software.
Physical Demands and Condition Requirements:
• General office environment.
• Some travel to service multiple office locations.
Equipment Used:
• General office equipment, i.e., calculator, photocopier, etc.
• Computer
ADA: The employer will make reasonable accommodations in compliance with the Americans with Disabilities Act of 1990.
• CTFA Designation desirable.
