Description
The Global Trusts & Estates Practice is an integral part of the services we offer to clients. With over 160 years of experience in serving as a corporate fiduciary for families, it is important that our Trusts and Estates services are delivered by the most capable people, with technical experience as well as the ability to interact well with a variety of types of families and individuals. When JPMorgan is appointed as corporate trustee of a trust, whether created by a client during his lifetime or upon his death through a provision in his will, the Trust Administrative Officer works under the supervision of the Trust Officer in the administration of the accounts. The Trust Administrative Officer is expected to have or develop the skills to provide leverage and back-up coverage for the Trust Officer with whom the Trust Administrative Officer works.
The J.P. Morgan Private Bank offers high net worth individuals and families personalized, comprehensive financial solutions that integrate sophisticated investment management, capital markets, trusts & estates and banking capabilities. For over 7 consecutive years we have been voted number 1 in the U.S. for overall private banking services by Euromoney, and we have been specifically recognized for our succession planning, advice and trust services.
The responsibilities of this role are as follows:
Technical and Risk Management
- 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
Client Relationship Management
- 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
Educational/Administrative
- 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
Qualifications:
- Bachelor's degree required
- A minimum of 3-5 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
- Prior corporate trustee experience a plus.