Wealth Personal Trust Specialist IV
8 - 10 years experience • Financial Services
Responsible for administration and relationship management of a complex and challenging assignment of high net worth personal trust/fiduciary relationships for a BB&T Wealth regional office. As the fiduciary expert for the regional office,responsible for daily decision-making and exercise of discretion over significant and consequential matters and duties related to fiduciary (e.g. trust, estate, agency) accounts. Protect the interests of the trust beneficiaries and administer each trust account in good faith according to the terms of the trust document, while balancing the needs of the Bank and requirements of regulatory authorities. Provide counsel and advice to BB&T Wealth staff on fiduciary standards, applicablelaws and regulations. Using high-level knowledge of estate planning principles, ensure that industry and bank fiduciary standards, compliance rules, regulatory requirements, practices and policies are observed. Contribute to attainment of growth, profitability andretention goals through excellent client service, active participation in business development and cross-sell activities through integration of a broad range of BB&T Wealth products and services. Generally, the accounts managed by a Personal Trust Specialist (PTS) IV are more complex than the accounts ofother PTSs, demand a higher level ofexperienceand call for more frequent face-to-face interaction with clients.
Essential Duties and Responsibilities: Following is a summary of the essential functions for this job. Other duties may be performed, both major and minor, which are not mentioned below. Specific activities may change from time to time.
1. Work in conjunction with the Wealth Regional Director and Wealth Senior Trust Manager to ensure uniformity, efficiency and quality in administration of all fiduciary accounts assigned to the regional office. Inform the Wealth Regional Director and Wealth Senior Trust Manager of administrative progress, complex issues, problems and complaints.
2. Understand and interpret legal and fiduciary documents in order to carry out the terms of the documents, implement administrative procedures and comply with department policy and audit requirements. Make independent judgment calls to determine a course of action regarding discretionary distributions (often for health, education, maintenance and support of the beneficiary or some other ascertainable standard as determined by the IRS and applicable law), income/principal adjustments, fee allocation, tax payments, bill payments and other disbursements from the account. Approve asset allocation and oversee investment of assets by the Portfolio Manager.
3. Work with internal associates to opine on and determine substantive decisions such as treatment of closely held business interests and real estate, tax elections, management of retirement accounts within trusts, administration of irrevocable life insurance trusts and gift trusts, management of charitable trusts, funding of sub-trusts, modification or termination of trusts, unitrust conversions, and other aspects of multifaceted fiduciary administration.
4. Conduct an annual administrative review and oversee an annual investment review of all fiduciary accounts to ensure proper compliance; effectuate necessary account changes as a result of annual review process. Prepare for and may oversee internal audits and visits by examiners. Manage risk by making suggestions to managers for improvements and enhancements that will better assure quality service.
5. Add value to client relationships by solving existing problems, anticipating possible problems and developing a perspective on individual client situations to use as a vehicle for selling additional products and services.
6. Provide technical support and participate in supervision, training and development of internal support personnel through delegation of duties and assignments. Retain and oversee outside professionals with delegated responsibility such as property managers and appraisers.
7. Maintain good working relationships with clients, Integrated Relationship Management (IRM) partners, attorneys, CPAs and other related professionals to assure quality service and to enhance business development opportunities. Assist the Wealth team in meeting sales goals assigned to the regional office, foster direct referrals from centers of influence and encourage cross-sales to/from IRM partners.
8. Keep up-to-date on legal issues, regulations, investment and tax issues, trends and development in the trust banking industry.
Required Skills and Competencies:The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
1. Bachelor’s degree in Trust Management, Investment Management, Business, Banking or Accounting, or equivalent education and related training
2. Ten years of experience in administering trusts, estates and investment accounts or experience in the legal profession
3. Five years of experience in supervising and managing officer and non-officer personnel
4. Strong communication abilities, including written, verbal and presentation skills
5. Strong analytical, problem-solving, interpersonal and relationship skills
6. Strong technical and organizational skills
7. Demonstrated proficiency in basic computer applications such as Microsoft Office software products
8. Ability to travel, occasionally overnight
1. Juris doctor degree, or Master’s degree in Trust or Business
2. Completion of industry recognized Trust School
3. Completion or enrollment in an established management or career development program such as BB&T’s Leadership Development Program or BB&T Banking School
4. Completion of supervisory-level Human Systems Training