IRA Associate - Wealth Management

Commerce Bank•Kansas City, MO

4d•Onsite

About The Position

The main purpose of this job is to provide servicing and processing for time sensitive, high risk transactions for internal Private Client Advisors. For more than a century, Commerce Trust has been a leading provider of wealth management services including financial planning, estate and tax planning, investment management, private banking and trust administration services. Our approach to wealth management means assembling a team of seasoned wealth management professionals across disciplines who collaborate to ensure each client’s financial journey is uniquely crafted for their goals. Commerce Trust is a division of Commerce Bank.

Requirements

Basic knowledge of the IRA field
Excellent customer service skills
Ability to resolve problems and identify and drive process improvements
Ability to thrive in a fast-paced team environment while maintaining a high level of accuracy
Motivated and organized self-starter with strong attention to detail and the ability to manage multiple priorities
Inquisitive, agile, and strong team player with excellent written, verbal, and interpersonal communication skills
Ability to remain adaptable and resilient to all situations with an optimistic outlook and cast a positive shadow that is aligned with our culture and Core Values
Intermediate level proficiency with Microsoft Word, Excel, Teams, and Outlook
Bachelor’s degree in Finance or Accounting or equivalent combination of education and experience required
2+ years experience in finance or investment management preferred

Nice To Haves

Experience with or knowledge around IRAs preferred
Knowledge of Trust industry and terminology preferred
Certified IRA Services professional with ABA (CISP), preferred

Responsibilities

Build and maintain relationships with Private Client Advisors and ensure a timely, complete and accurate processing of IRA transactions
Deliver support and resolutions that meet goals of the advisors
Work closely with and provide customer service for Private Client Administrators to facilitate all distributions related to the IRA product offering
Receive notification from the Private Client Administrators along with the information needed to facilitate IRA distributions; process normal and premature distributions, distributions due to death, internal transfer distributions, and transfers to an outside custodian
Process state and federal withholding; ensure all compliance requirements have been met and all processing and coding is complete, timely, and accurate
Ensure appropriate controls are in place for all processes related to the IRA product offering; responsible for identifying accounts with clients reaching their required minimum distribution
Collaborate with the Private Client Advisors to mail Required Minimum Distribution (RMD) letters to the clients identified and reviewing reports to review accounts that have not satisfied their RMD; gather missing account information such as date of birth, date of death, and beneficiaries.
Work closely with other members of the team to assist/backup during high volumes or absence
Perform other duties as assigned