Trust Officer 3

Community Financial System, Inc.•Buffalo, NY

2d•Onsite

About The Position

At Community Financial System, Inc. (CFSI), we are dedicated to providing our customers with friendly, personalized, high-quality financial services and products. Our retail division, Community Bank, N.A., operates more than 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and Western Massachusetts. Beyond retail banking, we also offer commercial banking, wealth management, investment management, insurance and risk management, and benefit plan administration. Just as our employees are committed to helping our customers manage their finances, we’re committed to our employees. After all, they make it happen for our customers every day. To ensure our people can enjoy long and successful careers here at CFSI, we offer competitive compensation, great benefits, and professional development and advancement opportunities. As an equal-opportunity workplace and affirmative-action employer, we celebrate and support a diverse workplace for the benefit of all: our employees, customers and communities.

Requirements

J.D., CTFA, CFP®, MBA, Bachelor’s degree, or related professional experience.
All applicants must be 18 years of age or older.
Strong inter-personal skills
Strong written and verbal skills including comfort level for public speaking
Strong analytical and problem solving skills
Ability to analyze, comprehend, and interpret legal documents
Strong mathematic skills
Accounting knowledge
Income tax knowledge and/or experience
Strong attention to detail with ability to work independently and manage deadlines/workflow
Self-starter
Strong computer skills including use of Word, Excel, and PowerPoint
Knowledge of trusts, estates, investments, employee benefits, and estate planning
Valid driver’s license
Minimum of five (5) years' experience in trust industry or related position preferred
At least three (3) years’ experience as a Trust Officer

Responsibilities

Developing, servicing and administering assigned accounts in a fiduciary capacity in accordance with account agreements, terms of legal documents, Trust Policy, state fiduciary statutes, banking regulations, and federal/state laws.
Developing new business opportunities for the department.
Administering accounts in accordance with stated account agreements and/or legal documents to ensure fiduciary duties and responsibilities are carried out to avoid risk and/or surcharges to the Bank.
Administering and settling estates in accordance with a decedent’s Last Will & Testament.
Responding to inquiries or requests for information from clients/beneficiaries, accountants, attorneys, courts, interested parties, auditors, regulators, and internal Bank personnel, as appropriate.
Documenting account files to reflect client/beneficiary communications, instructions, and authorizations to avoid/minimize risk to the Bank.
Communicating account instructions/changes, as needed, to Trust Management, portfolio managers, tax preparers, and operations personnel.
Working with portfolio managers in the development of investment objectives and policy statements.
Maintaining updated account files and ensuring trust accounting system reflects accurate coding for regulatory and risk management purposes.
Performing annual administrative reviews on accounts, and other annual, quarterly, daily, and/or recurring tasks as required by applicable policies, laws and regulations, governing documents, and/or court orders.
Directing liquidation of funds, when needed, for distributions and/or expenses from account.
Analyzing, recommending or determining discretionary distribution decisions in accordance with legal instrument and Trust Policy.
Overseeing and administering unique/non-standard assets in accounts, including real estate, when applicable.
Preparing interim and final accountings for trusts and estates, as needed.
Developing and maintaining relationships with Wealth Management personnel for cross selling business opportunities.
Developing and maintaining relationships with area market centers of influence (e.g. accountants, attorneys, financial planners) to generate new business.
Complying with Bank and Trust operating policies and procedures.
Achieving client service goals as established in the Bank’s operating plan.
Promoting Trust services to internal and external sources.
Supervising assigned personnel.
Providing guidance and training support to Trust personnel as needed or directed.
Analyzing agreements and legal documents associated with assigned accounts to determine purpose/intent, the Bank’s legal capacity, co-authorities, legal requirements, fee provisions, required distribution provisions, discretionary distribution provision language, restrictions, taxation and tax reporting requirements, accounting/reporting requirements, asset retention, investment authority, investment restrictions, terminating events, and other matters of administrative importance.
Communicating with clients by phone, letter, or email on account related matters as needed, and responding to client inquiries in a timely manner while adequately documenting all communications.
Maintaining up to date, accurate, neat, organized, and well documented files.
Maintaining accurate account information details on the trust accounting system including synoptic coding, restricted assets, statement recipients, recipient tax coding, etc.
Performing documented annual administrative review of accounts in accordance with Trust policy and procedures.
Reviewing distribution requests to ensure their legitimacy, proper authorizations, document language provisions, funds availability, etc.
Monitoring uninvested cash and account liquidity for cash requirements and communicating with portfolio and/or investment managers as needed.
Preparing annual filings to courts, state agencies, and federal agencies, when required.
Ensuring the Bank’s legal responsibilities are properly discharged, approved authorizations are received, and ensuring terminating fees are calculated and received at account termination.
Escalating legal threats, security concerns, or other matters of concern to Trust Management and/or appropriate risk management personnel.
Hiring and working cooperatively with outside professionals on account related matters including appraisers, attorneys, accountants, real estate agents, insurance agents, and investment advisors, subsidiaries of the Bank, and members of Wealth Management.
Developing and maintaining relationships with professionals listed above for the development of new business for Trust, Wealth Management and the Bank.
Actively promoting services of Trust, Wealth Management, and the Bank both internally and externally. Participating and presenting at internal meetings. Externally, participating in community related events and serving on civic/non-profit Boards when possible.
Developing a thorough understanding of current clients and their respective financial situations, needs, and families in order to effectively promote appropriate financial and estate planning strategies and products, and to further develop business from new and existing clients, both within Trust and in conjunction with other Wealth Management divisions.
Maintaining active awareness of changes in law that affect the servicing and administration of Trust Department accounts.
Providing quality service to customers, whether internal or external.
Demonstrating cooperative efforts in working with other departments and within own department.
Maintaining proficient knowledge of, and demonstrating ongoing compliance with, all laws and regulations applicable to this position. Ensuring ongoing adherence to pertinent policies, procedures, and internal controls, and meeting all job-specific training requirements in a timely fashion.
Performing other related duties as assigned from time to time.