Fiduciary Specialist, Foundations & Institutional Advisors
About The Position
The Fiduciary Specialist in Wealth Management Foundation & Institutional Advisors (WMFIA) manages fiduciary and agency client relationships and delivers high quality fiduciary services. Partner assumes primary responsibility for overall client satisfaction as the Fiduciary Specialist by collaborating with the Client Advisor team and utilizing appropriate Northern Trust (NT) resources to ensure timely delivery of high quality fiduciary service, issue resolution, onboarding assistance, effective communication of client needs to partners, development of advisory relationship with client, training needs, and ad hoc risk related projects. Partner helps manage fiduciary relationships, considering fiduciary duties, client needs and internal procedures, as well as serving as Fiduciary Specialist in the background for fiduciary accounts not assigned to a Fiduciary Specialist.
Requirements
- Knowledge of fiduciary and financial products and services, usually acquired through related work experience, is required to manage client accounts with a focus on institutional clients.
- Technical knowledge of investments, tax, legal, and operations usually acquired through formal education or related experience is required to service clients.
- Knowledge of fiduciary standards, principles, and applicable laws and regulations usually acquired through training, seminars, or law school is required to administer accounts.
- Skills in negotiating, problem solving, delegating, leadership, and sales are necessary to service the client relationship.
- Ability to explain difficult or sensitive information; ability to work to build consensus.
- College or university degree and/or relevant proven work experience
- 7-10 years’ experience in fiduciary servicing or related fields
Nice To Haves
- Ample experience with foundations and charitable entities/institutional trusts is strongly preferred
- JD is preferred with solid experience in administering institutional trusts
Responsibilities
- Manages assigned account base of WM FIA clients by working with clients and their professional advisors to develop a thorough understanding of the client’s needs and goals.
- Exhibits knowledge of governing documents and account agreements.
- Exhibits clear knowledge of fiduciary duties and applicable laws and oversight.
- Provides proactive advice to clients on NT’s products/services, emerging issues, regulatory/tax changes, and appropriate actions for the client.
- Combines technical knowledge with fact finding and analysis to develop advice-driven solutions for clients.
- Explains complicated concepts to clients in a thoughtful way using non-technical terminology.
- Maintains a working knowledge of various NT resources and utilizes fiduciary knowledge, experience, and NT resources to identify opportunities for relationship enhancement.
- Focused client service with responsiveness, diplomacy and tact; proactive client contact through written and verbal communication with suitable frequency.
- Exhibits excellent time management skills.
- Builds and maintains knowledge of NT fiduciary standards and practices, applying fiduciary knowledge and judgment to fiduciary relationships.
- Understands and complies with internal policies, processes and procedures to effect prudent risk management and judgment.
- Recognizes fiduciary risk issues and seeks appropriate resolution.
- Commands a strong understanding of and experience with tax-exempt entities.
- Participates in forums with other fiduciary specialists in Wealth Management.
- Teaches, mentors and supports less experienced partners with less fiduciary knowledge.
- Advises FIA Client Advisors on fiduciary issues.
- Maintains and delivers training programs set forward by FIA and supported by Fiduciary Risk.
- Assist with other fiduciary related projects and requests as needed.
- Travels to meet with clients where appropriate considering revenue, new business opportunities, or servicing requirements.
- Seeks continued development of fiduciary and advisory skills through training and experience.
- Exercises judgment based on the analysis of multiple sources of information.
Benefits
- retirement benefits (401k and pension)
- health and welfare benefits (medical, dental, vision, spending accounts and disability)
- paid time off
- parental and caregiver leave
- life & accident insurance
- other voluntary and well-being benefits
- discretionary bonus program that may include an equity component
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What This Job Offers
Job Type
Full-time
Career Level
Senior
