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Chase · 3 months ago

Wealth Management Solutions, Trust & Estates, Trust Administrator VP

25 Deforest Ave, Summit, NJ, 07901, US

Full-time

Onsite

Mid, Senior Level

$110K/yr - $160K/yr

7+ years exp

Chase is a leading financial services firm with a strong reputation in the wealth management sector. The Trust Administrator VP will oversee trust account administration, ensuring compliance with legal requirements while managing client relationships and providing risk management support. This role requires strong communication skills and a commitment to personal development within the specialized trust practice.

BankingFinancial Services

Responsibilities

Work with the Account Opening Group to open trust accounts

Interpret the governing instrument and applicable law to ensure the proper set-up of account records, including payments, fee schedules and tax records

Communicate with beneficiaries and co-trustees to outline administrative procedures

Respond to client issues, anticipate client needs, and prepare for and participate in client meetings with the Trust Officer

Work with the Tax Officers and counsel on income, gift, estate, and generation skipping taxes for the trust/estate and its beneficiaries

Respond to requests from beneficiaries for discretionary distributions. Prepare memoranda supporting recommendation regarding how the Bank shall exercise discretionary powers it has as trustee. Confer with co-trustee (if any) to obtain his/her approval

Coordinate with Trust Officer on the communication of the decision to client and follow-up action on the request as necessary

Handle ongoing day to day administration of account, and proactively manage account base in an effort to avoid and minimize service and operational issues

Oversee the work performed by various operational groups. Identify risk that might be incurred in connection with a trust, consistent with any applicable policies and procedures governing the risk in question

Utilize risk management tools, such as the overdraft report, daily transaction report, Administrative Review, Holistic Review and the AAR Variance Report to ensure that all exceptions are properly addressed and kept to a minimum

Communicate with Investors regarding investment matters and liquidity needs

Handle departmental projects relating to accounts and special assets

Participate on various committees as needed

When the trust terminates the account is transferred to the Trust Settlement group

The Trust Administrative Officer is responsible for ensuring appropriate steps are taken to minimize risk, including canceling payments and statements, where appropriate, and obtaining necessary documents for the Settlements group

Trust Administrative Officers must actively participate in dealing with interested parties and develop relationships with income beneficiaries, co-trustees and intermediaries in order to have appropriate knowledge to carry out the grantor’s purposes and meet the needs of the beneficiaries

The specialized and ever changing nature of the Trust practice requires that Trust Administrative Officers devote time to personal development and training

Training at JPMorgan includes internal sessions covering systems changes, practices and procedures, Q & A sessions offered to facilitate understanding of our environment and sessions on technical, legal, tax and regulatory developments

Qualification

TrustEstates experienceFiduciary products knowledgeRisk management skillsDegreeCTFA certificationTrust accounting systemClient servicing skillsCross selling skillsComputer skillsTeamwork skills

Required

Bachelor's degree required

A minimum of 7 years' experience in the trust and estates industry

Experience in the administration and support of trusts including general understanding of fiduciary products and concepts, including legal, tax and investments knowledge

Problem Solving/Risk Management – takes initiative, decisive, accountable, exhibits critical analysis and judgment

Client Servicing – client knowledge, client relationships, proactive communication

Teamwork/Personal Effectiveness – clear and concise communication, time management, adaptability to delegate, coaching and training

Cross Selling and Retention skills

Strong computer skills including proficiency with trust accounting system

Preferred

Advanced degree such as JD, industry certification such as CTFA or paralegal certificate, with paralegal experience in trust and estates practice preferred

Experience with JPMorgan fiduciary platform a plus