Delaware Senior Trust Officer

Bank of America•Wilmington, NC

About The Position

At Bank of America, the Delaware Senior Trust Officer (Delaware STO) maintains a trust book and provides Delaware Trust Law expertise to national markets. The role works closely with national Private Bank teams and Merrill Lynch fiduciary advisors to support strategic objectives across Private Wealth Management markets. Its primary responsibilities are administering the Delaware IM&T book and working with client teams to facilitate growth of the Delaware Trust Book. The Delaware STO manages a complex book of business and deepens client relationships through estate and financial planning. The role partners with PCA/client teams, Merrill Lynch financial advisors, and national MTE, MTTL, or TTL colleagues to build awareness of trust products and educate clients and Private Bank associates in national markets. It manages fiduciary risk and ensures adherence to trust policies, while mentoring more junior associates and building effective internal and external partnerships. Bank of America describes its culture as guided by Responsible Growth and a commitment to an inclusive workplace, teammate wellness, recognizing performance, and supporting communities. The company states that it is committed to an in-office culture with role-specific attendance requirements and an appropriate level of flexibility. This position is first shift and is listed as 40 hours per week.

Requirements

At least 7 years of trust experience.
Bachelor’s degree or equivalent experience.
Detailed knowledge of how trusts function and are administered.
Ability to manage multiple priorities and projects with attention to detail.
Strong time-management and organizational skills.
Strong communication and interpersonal skills for interacting with clients and their advisors.
Ability to coordinate effectively with tax teams, fund managers, and clients’ tax preparers.

Nice To Haves

Prior experience administering Delaware Directed Irrevocable Trusts.
CTFA or JD.

Responsibilities

Work with clients, attorneys, and other professional advisors—including co-trustees, investment advisors, accountants, distribution advisors, and protectors—to understand the comprehensive estate plan.
Facilitate a collaborative team approach to provide superior client service.
Respond to beneficiary requests, including requests for discretionary distributions.
Obtain supporting documents such as tax returns and budgets.
Prepare discretionary distribution requests that outline relevant dispositive provisions and trust agreement language, and recommend how the Trust Company should exercise discretionary powers under the governing instrument.
Confer with any co-trustee to obtain approval and communicate decisions to clients.
Minimize account risk by analyzing trust documents and conducting annual account reviews for compliance with trust provisions, state and federal regulations, and trust policies and procedures.
Use risk-management tools, including overdraft and daily transaction reports.
Communicate with investment advisors, portfolio managers, and financial advisors about investment matters and liquidity needs.
Work with the Account Opening Group to open trust accounts.
Interpret governing instruments to ensure proper account-record setup, including payments, fee schedules, and tax records.
Explain administrative procedures to beneficiaries and co-trustees.
Coordinate with the Bank’s Tax Team, fund managers, and clients’ personal tax preparers to share information needed for timely completion of applicable tax returns.
Contribute ideas to improve systems and processes and service delivery.
Mentor junior associates and support their growth and development.
Adhere to the Bank’s core values of delivering together, acting responsibly, realizing the power of its people, and trusting the team.