GENERAL FUNCTION: The Trust Officer II (PBC) is a member of the Private Bank Center (PBC) and is responsible for the administration of a variety of more complex personal trust accounts requiring execution of the bank's fiduciary responsibilities for trust accounts and administering agency, IRA, and custody accounts, with book revenue exceeding approximately $1.5 million. Work with private bank clients' in executing estate plans, which may include the use of multiple accounts, multiple beneficiaries, insurance, and the use of tax deferral techniques. The strategic focus of the PCS TO II is the execution of the terms of any document in which Fifth Third Bank serves as trustee, executor, and agent for a fiduciary. Target size of book: 150 - 300 accounts, depending on account type concentration (e.g., complex personal trust accounts versus agency accounts, IRAs, custody accounts).
Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
ESSENTIAL DUTIES & RESPONSIBILITIES:
• Coordinates fiduciary services for a portfolio of Personal Trust accounts, consisting of mostly of trusts, but also some agency, IRA, and custody accounts.
• For irrevocable trusts, reviews, supports, and approves or declines discretionary action requests, including distributions in accordance with the underlying trust documents and according to Bank Policy
• Administers multigenerational trusts, often with discretionary income and principal payments distributed among multiple family members while managing financial and compliance risks
• Executes the terms of estate plans or documents for which Fifth Third Private Bank serves as Trustee, Executor, Personal Representative, Guardian or Agent, often exercising broad discretion regarding issues among and between beneficiaries with competing interests
• Retains assigned client base by working with the client service team to deliver the highest level of service and client contact standards.
Account Administration
• Completes annual administrative account reviews and other compliance responsibilities for more complex accounts, including irrevocable trusts for which the Bank serves as trustee.
• Engages in fiduciary decision-making. Executes decisions and manages financial risk in best interest of the clients.
• Works with IM&T Affiliate Support Center (IASC) to open and close accounts, process transactions, and maintenance accounts
• Ensures proper documentation requirements are met to ensure compliance with Fifth Third Bank internal policies and procedures regarding client and asset acceptance and discretionary actions
• Works closely with Trust Tax Accountants to ensure proper tax reporting
• Oversees and ensures that all accounts, fees, statements, asset transfers, and internet set-up are complete and accurate.
Sales/New Business
• Collaborates with clients' external centers of influence (i.e. attorneys, CPAs) so as to potentially obtain referrals from our existing client base.
• Acquires additional assets (account additions) from existing clients. Identifies other bank products and services to enhance and deepen existing client relationships, utilizing an Wealth Management Advisor, as necessary.
• Interacts with sales force, in coordination with Portfolio Managers, to ensure a high quality client on-boarding experience into IM&T.
• Communicates with clients and sales force through the entire on-boarding process from start to finish to set and exceed expectations.
Other
• Demonstrates sound decision-making skills, including balancing business risks to Fifth Third Bank with clients' best interests.
• Seeks advice and counsel from Senior Trust Officers and Regional Fiduciary Executives when faced with challenging technical or relationship management situations, as necessary
• Champions the Bancorp Vision and Core Values through personal actions
• Recommends enhancements to policies and procedures, when appropriate
• Continually develops and maintains knowledge of current trends and changes in the industry with regard to fiduciary matters (e.g. estate planning, probate, estate, gift and income tax planning, guardianships, special needs trusts, state-specific law), including attending forums, conferences, and/or meetings addressing such matters.
• Participates actively in community affairs and professional associations.
SUPERVISORY RESPONSIBILITIES:
• Assists with supervision and training of Trust Specialists and Associates and other support staff.
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
• Bachelor's degree preferred or related experience required.
• 8+ years experience in financial services, including at least 3 years of trust (fiduciary) or IRA experience.
• Effective client relationship skills and experience.
• Demonstrates knowledge and skills in the areas of trust administration, estate planning strategies, and income, gift and estate tax matters.
• Comprehensive knowledge of fiduciary law and estate planning, or IRA regulations; and an understanding of Bank policies, procedures and operations.
• Demonstrates effective time management skills and the ability to multi-task and prioritize work.
• Exhibits strong interpersonal communication skills.
• Uses effective problem solving and analytical skills.
Demonstrated ability to perform in a fast-paced team environment, working with experienced professionals from multiple disciplines to deliver high quality client service
Trust Officer II, Private Bank Center
At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.
The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location. In addition to the base salary, this role is eligible to participate in an incentive compensation plan, with any such payment based upon company, line of business and/or individual performance.
Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being. You can learn more about those programs on our 53.com Careers page at: https://www.53.com/content/fifth-third/en/careers/benefits.html or by consulting with your talent acquisition partner.
LOCATION -- Cincinnati, Ohio 45202
Attention search firms and staffing agencies: do not submit unsolicited resumes for this posting. Fifth Third does not accept resumes from any agency that does not have an active agreement with Fifth Third. Any unsolicited resumes - no matter how they are submitted - will be considered the property of Fifth Third and Fifth Third will not be responsible for any associated fee.
