Wealth Management IRA Associate

Commerce Bank•Kansas City, MO

2d•$21 - $25•Onsite

About The Position

The Wealth Management IRA Associate is the primary point of contact for Private Client Advisors within the Commerce Trust Company. The Commerce Trust Company, a division of Commerce Bank, is ranked among the top 25 investment advisors in the U.S. with over $53 billion in client assets. The Commerce Trust Company concentrates on serving individuals, families, business owners and institutions investment management needs through a combination of world class capabilities and resources, objective advice, customized solutions and unparalleled service. The primary focus is servicing and processing for time sensitive, high risk transactions for internal Private Client Advisors. The IRA Associate also serves as a liaison between the Advisors and other departments of the Trust Company including Operations, Audit, Compliance, Legal and Tax. The IRA Associate plays a key role in how new customers form their first impressions of the Trust Company. This requires excellent relationship building skills, critical thinking, and the ability to make sound and prudent judgment on a simple perception of a situation. This role also requires excellent attention to detail along with a broad range of industry knowledge including current taxation and compliance regulations.

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

Nice To Haves

2+ years experience in finance or investment management preferred
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