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Senior Trust Officer - Richmond - VA

Richmond, Virginia

Job Description:

Business Overview

Private Bank, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients' wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial products and services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.

Private Bank is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. Private Bank employs more than 4,100 professionals and maintains 135 offices in 33 states.

Description:

The Senior Trust Officer (STO) maintains a trust book and is a seasoned Trust Officer in the market. STO works closely with local Private Bank teams to achieve strategic objectives of PWM market overall. The STOs primary responsibility is the administration and business development of the IM&T book. The STO will have a complex book of business and will be expected to deepen his or her relationships through estate and financial planning. STO leads, and is accountable for, trust product sales and working with MTE, MTTL or TTL to assure trust product awareness and education of clients and Private Bank associates in market. Responsible for the STO books management of fiduciary risks and trust policy adherence. Well-respected internally and externally with proven ability to partner effectively.

Key Responsibilities:

  • Partner with PCAs to drive business development / close new Trust business in prospecting activities

  • Proactively identify and harvest opportunities to deepen relationships within current client base

  • Meet with key clients periodically to maintain relationships and identify issues / new business opportunities, and provide trust, estate, and wealth transfer planning advice

  • Proactively engage other specialists within Bank of America’s Private Bank to best meet client needs (wealth strategists, Office of Chief Fiduciary, etc.)

  • Proactively identify and resolve client issues

  • Engage in high level trust administration; oversee all administration activities

  • Document interpretation

  • Oversee risk management activities

  • Identify at risk clients; proactively resolve issues / meet with at-risk clients as needed to drive retention

    Requirements:

    Credentials / Experience:

  • Bachelor’s Degree and a minimum of 5 years of trust administration and estate planning experience, preferred.

  • Fiduciary professional with CTFA, CFP, AEP, JD, or CPA (or 6 months away from obtaining certification), preferred.

    Key attributes / competencies:

  • Technical expertise in the areas of trust administration, fiduciary law, and estate and wealth transfer planning

  • Initiative/proactive approach to problem solving

  • Creative though prudent approach to providing solutions within Bank’s risk/reward profile

  • Ability / drive to “ask for the order” to close sales

  • Good people/partner communication skills / team player

  • Knowledge of policies, procedures, regulatory requirements

  • High level of savvy and sophistication re: high net worth clients’ concerns / issues

  • Ability to communicate and connect with high net worth clients

Job Band:

H4

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Business Overview

Private Bank, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients' wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial products and services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.

Private Bank is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. Private Bank employs more than 4,100 professionals and maintains 135 offices in 33 states.

Description:

The Senior Trust Officer (STO) maintains a trust book and is a seasoned Trust Officer in the market. STO works closely with local Private Bank teams to achieve strategic objectives of PWM market overall. The STOs primary responsibility is the administration and business development of the IM&T book. The STO will have a complex book of business and will be expected to deepen his or her relationships through estate and financial planning. STO leads, and is accountable for, trust product sales and working with MTE, MTTL or TTL to assure trust product awareness and education of clients and Private Bank associates in market. Responsible for the STO books management of fiduciary risks and trust policy adherence. Well-respected internally and externally with proven ability to partner effectively.

Key Responsibilities:

  • Partner with PCAs to drive business development / close new Trust business in prospecting activities

  • Proactively identify and harvest opportunities to deepen relationships within current client base

  • Meet with key clients periodically to maintain relationships and identify issues / new business opportunities, and provide trust, estate, and wealth transfer planning advice

  • Proactively engage other specialists within Bank of America’s Private Bank to best meet client needs (wealth strategists, Office of Chief Fiduciary, etc.)

  • Proactively identify and resolve client issues

  • Engage in high level trust administration; oversee all administration activities

  • Document interpretation

  • Oversee risk management activities

  • Identify at risk clients; proactively resolve issues / meet with at-risk clients as needed to drive retention

    Requirements:

    Credentials / Experience:

  • Bachelor’s Degree and a minimum of 5 years of trust administration and estate planning experience, preferred.

  • Fiduciary professional with CTFA, CFP, AEP, JD, or CPA (or 6 months away from obtaining certification), preferred.

    Key attributes / competencies:

  • Technical expertise in the areas of trust administration, fiduciary law, and estate and wealth transfer planning

  • Initiative/proactive approach to problem solving

  • Creative though prudent approach to providing solutions within Bank’s risk/reward profile

  • Ability / drive to “ask for the order” to close sales

  • Good people/partner communication skills / team player

  • Knowledge of policies, procedures, regulatory requirements

  • High level of savvy and sophistication re: high net worth clients’ concerns / issues

  • Ability to communicate and connect with high net worth clients

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21031000

Band: H4

Manages People: No

Travel: Yes, 10% of the time

Manager:

Talent Acquisition Contact:

Marianne Isgur

Referral Bonus:

0

Street Address

Primary Location:
1111 E MAIN ST, VA, Richmond, 23219