Manager of IRA and ILIT Administration

Comerica • Winston-Salem, NC

287d

About The Position

The Manager- IRA and ILIT Administration is responsible for leading IRA Account Administration, and Irrevocable Life Insurance Trust business units. These business units focus on oversight, advisory services, and administration of accounts within each of these specialties: Individual Retirement Accounts; and Irrevocable Life Insurance Trusts. These business units may provide oversight of and advisory services for specialty accounts not under their direct administration, as well as directly administer accounts.

Requirements

• Bachelor's degree from an accredited university
• 2 years of experience in staff management
• 4 years of experience in specialty trust administration to include IRA and ILIT accounts

Nice To Haves

• CTFA (Certified Trust and Fiduciary Advisor)

Responsibilities

• Serve as a subject matter expert in the IRA, and ILIT space, leading and overseeing the administration of accounts and supporting sales activity as needed.
• Provide strategic advisory services to trust advisors across personal trust administration to foster deep relationships with key clients and partners.
• Resolve complex issues related to IRA, and ILIT accounts.
• Ensure that the IRA, and ILIT teams are accurate and timely in the processing of account transactions and administrative tasks, as well as in providing strategic advisory for accounts managed by trust advisors out in the market.
• Establish expectations and metrics that ensure the highest quality, timeliness, and efficiency of client service and compliance with legal requirements.
• Achieve business line revenue goals while operating within the Bank's risk appetite.
• Collaborate with sales teams and partners to identify opportunities to expand awareness and grow revenue.
• Manage the IRA, and ILIT team budgets, ensuring efficient allocation of resources and achievement of financial targets to help support the broader specialty wealth and trust organization objectives.
• Engage with internal stakeholders to gather feedback and enhance specialty administration services strategy.
• Monitor industry trends and developments and drive efforts to tailor / update service offerings as needed to keep the charitable, IRA, and ILIT offerings competitive.
• Conduct regular reviews of IRA, and ILIT accounts to identify and mitigate risks and ensure adherence to best practices.
• Establish and robust maintain policies and procedures for IRA and ILIT services to ensure regulatory compliance and adherence to applicable laws and regulations.
• Provide administrative support for IRA and ILIT accounts to include updated calculations, establishing updated required minimum distributions, account coding reviews and all other requirements of these specialty accounts.
• Guide the team in applying enterprise risk management frameworks to IRA, and ILIT accounts.
• Recruit, train, mentor, and manage the IRA, and ILIT teams to ensure high performance, professional growth, and alignment with the organization's strategic goals.
• Monitor and manage the performance of trust advisors and support staff, ensuring high levels of service and professional growth.
• Ensure team conducts its duties in compliance to IRS requirements, applicable laws and policies and procedures.
• Ensure team members are knowledgeable about IRA, and ILIT administration to ensure regulatory compliance, including adherence to legal and tax requirements associated with charitable trusts, IRA's and ILITs.

Benefits

• Health and welfare programs
• Strong retirement benefits
• Generous paid time off programs
• Medical, dental, and vision benefits
• 401(k) and pension
• Income protection benefits such as life insurance, AD&D, and supplemental health programs
• Variety of time off programs for things like vacation, sick time, disability, and parental leave

What This Job Offers

• Job Type: Full-time
• Career Level: Manager
• Industry: Credit Intermediation and Related Activities
• Education Level: Bachelor's degree