Senior Specialty Administration Trust Advisor The Senior Specialty Administration Trust Advisor role will provide advisory and administrator support to internal clients for a variety of trust accounts. This position will have multiple roles rotating between two teams. At least 50% of the time will be spent focused on the IRA team, this position will have administrative and internal client management responsibility for administering over 450 IRA accounts, including Traditional, Roth, SEP, Inherited, and Trusteed IRA accounts. The position works closely with grantors and beneficiaries throughout the United States, as well as center of influence professionals such as attorneys and CPAs. These accounts are of a highly technical nature, and their administration is specialized, requiring knowledge of trust, tax, and IRA/qualified plan IRS regulations. The position supports advisory and compliance for the IRA accounts throughout Comerica's footprint, and is directly involved with the Fiduciary Strategists and Wealth Advisors in support of new business for both the Private Wealth and Advisor Solutions teams.
The colleague in this role will spend approximately 50% of their time working in Personal Trust Advisory and Administration focused on Discretionary requests and new business.
Position Responsibilities:New Business and Ongoing Administration - Review governing documentation for both non-complex and complex specialty accounts to ensure Comerica can act in accordance with the document requirements.
- Review trust documents to determine RMD payout rules- under both SECURE and pre-SECURE IRS rules
- Ensure account coding is consistent with the governing document.
- Manage the complexities associated with these special types of accounts -- ensuring IRS requirements are met, calculating, and reviewing required minimum distributions occur and ensure any other nuance with the specialty type of account under their oversight is met.
- Review governing documentation for irrevocable trusts to focus on reviewing and approving Discretionary requests and new business.
- Complete required state or federal registrations for specific account type and manage renewals as needed.
- Complete required account reviews for new accounts and existing accounts per Comerica policy.
- Adhere to all Comerica policy regarding account administration of these specialty accounts.
- Review/Process transactions using the trust accounting platform as needed for specialty accounts.
Compliance/Risk Management - Participate in consultations with on-going business for trust advisors to assist with and resolve issues. These consultations focus on managing or mitigating risk as well as providing suggestion steps to remediate issues.
- Complete follow up to ensure remediation steps are completed.
- Maintain a full understanding of personal trust policies and procedures to include recommending changes as needed due to new regulatory or procedural requirements.
Team Responsibilities - Participates in projects which affect the broader business and improves efficiency of delivery of services to clients.
- Actively contributes to the team, providing feedback on procedural changes and assisting in the development of less experienced team members.
