Delaware Senior Trust Officer

Bank of America • Wilmington, DE

3d

About The Position

The Delaware Senior Trust Officer (Delaware STO) maintains a trust book and provides Delaware trust law expertise to national markets. The role administers the Delaware IM&T book and works with client teams to facilitate trust book growth. The officer manages a complex book of business, deepens client relationships through estate and financial planning, and works with Private Client Advisor and client teams, Merrill Lynch financial advisors, and national trust colleagues to build awareness of trust products and educate clients and associates. The role manages fiduciary risk and adherence to trust policies, and mentors junior associates. It also requires effective internal and external partnership, including with centers of influence.

Requirements

• At least 7 years of trust experience.
• Detailed knowledge of how trusts function and are administered.
• Bachelor’s degree or equivalent experience; the stated minimum education requirement is a high school diploma, GED, secondary school diploma, or equivalent.
• Strong attention to detail, time management, and organizational skills.
• Ability to manage multiple priorities and projects.
• Strong communication and interpersonal skills for working with clients and their advisors.
• Ability to coordinate effectively with tax teams, fund managers, and tax preparers.

Nice To Haves

• Experience administering Delaware Directed Irrevocable Trusts.
• CTFA or JD.
• Bachelor’s degree.

Responsibilities

• Work with clients, attorneys, co-trustees, investment advisors, accountants, distribution advisors, and protectors to understand estate plans and coordinate a collaborative approach to client service.
• Review beneficiary requests, including discretionary distribution requests; gather supporting documentation; analyze the trust agreement; recommend whether the Trust Company should exercise its discretionary powers; confer with co-trustees when applicable; and communicate decisions to clients.
• Analyze trust documents and conduct annual account reviews for compliance with trust provisions, state and federal regulations, and trust policies and procedures.
• Use risk management tools, including overdraft reports and daily transaction reports, to minimize account risk.
• Communicate with investment advisors, portfolio managers, and financial advisors about investment matters and liquidity needs.
• Coordinate with the Account Opening Group to open trust accounts; interpret governing instruments to establish account records, payments, fee schedules, and tax records; and explain administrative procedures to beneficiaries and co-trustees.
• Coordinate with the Bank’s Tax Team, fund managers, and clients’ tax preparers to share information with appropriate parties for timely tax return completion.
• Work with national Private Bank teams and fiduciary advisors to support strategic objectives and facilitate trust book growth.
• Educate clients and Private Bank associates in national markets about trust products and Delaware trust matters.
• Contribute ideas to improve systems and processes and enhance client service.
• Mentor junior associates and support their growth and development.
• Adhere to the Bank’s core values and trust policies.

Benefits

• The company describes support for teammates’ physical, emotional, and financial wellness.
• The company describes recognizing and rewarding performance.
• The company describes opportunities to learn and grow.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: High school or GED