What are the responsibilities and job description for the Trust Officer position at First State Trust Company?
About First State Trust Company
First State Trust Company (“FSTC”) is a Delaware chartered trust company with offices in Wilmington, Delaware and West Palm Beach, Florida. FSTC is rapidly growing. This position is a new add to staff, located in Wilmington, DE.
Since 1982, FSTC has been providing corporate trust, custody, and administration services to trust clients. Formerly known as Citi Institutional Trust Company and dating back to its roots as E.F. Hutton Trust Company, FSTC has concentrated its focus on strategic alliances with world-class financial service firms. Our strategic alliances allow clients to take advantage of FSTC’s independent professional trust administration services, combined with the investment management services of their chosen provider.
Position Responsibilities
FSTC is looking for a Personal Trust Officer (“TO”) to deliver high quality service and solutions to our clients. Must demonstrate proper effort, attitude and discipline to work in a growing and fast paced company. This person must be service and solutions oriented to administer client trusts and develop and maintain relationships with financial advisors, investment advisors, trust clients, trust beneficiaries, and other interested parties. The TO will assure compliance with all company policies and procedures, as well as all applicable state and federal banking regulations in the context of their responsibilities.
Trust Administration
• Responsible for all aspects of trust administration, including quality checking of new account setup, annual reviews, and ongoing relationship management.
• Manage accounts in accordance with governing documents, FSTC policies and applicable laws.
• Ensure receipt of proper documentation for new account openings and account terminations.
• Review, analyze and seek guidance when needed regarding new account documents and ensure FSTC is aware of all requirements prior to presentation to Steering Committee.
• Review of all accounts to ensure proper categorization of cash (principal and income), cost basis, tax reporting and all other aspects of each trust.
• Resolve tax and other trust issues.
• Assist in new business development when needed.
Fiduciary Expertise
• Perform a review of potential new business.
• Be knowledgeable in fiduciary law, investments, tax, and other aspects of trusts.
• Participate in Discretionary Distribution Committee.
• Apply sound fiduciary judgment to trust matters.
• Advise other personnel of fiduciary issues.
• Mitigate risk for FSTC and the assigned trusts.
• Be knowledgeable in Delaware specific Trust laws.
Client Management
• Work with colleagues to retain and expand existing client relationships.
• Anticipate client needs and advise accordingly.
• Maintain superior client servicing levels.
• Meet with clients via telephone or in-person, as required.
• Work closely with Investment personnel to support trust requirements.
• Interact with Financial Advisors, and clients in defining goals and objectives, working along with the Investment Officer to establish the appropriate asset allocation and to review and approve portfolio changes in trust involving more complex situations and/or assets.
• Monitor fee schedules to ensure that fees charged are in agreement with governing documents.
Knowledge & Qualifications
• Bachelor’s degree and 5-7 years of personal trust administration experience. CTFA preferred.
• Demonstrate efficiency and flexibility in performing detailed transactional tasks and assignments with frequently changing priorities and deadlines in a fast-paced work environment. Provide efficient service to internal partners and external clients.
• Partner with other functional areas to accomplish objectives.
• Attend to details while maintaining a big-picture orientation.
• Understanding of various types of investments and strategies.
• Interpret and apply policies and identify and recommend changes as appropriate.
• Work with minimal oversight, make non-routine decisions and bring complex problems to management for guidance.
• Communicate effectively, both orally and in writing, with all organizational levels.
• Active involvement in related professional organizations