Settlement and Termination Officer Job Listing at City National Bank in New York, NY (Job ID 11056-1)

Description

SETTLEMENT AND TERMINATION OFFICER Hybrid Schedule, 3 Days in Office: Los Angeles, CA. or NYC, NY. WHAT IS THE OPPORTUNITY? Perform estate administration and manage and settle administrative trusts, which are includible in a decedent's estate for estate tax purposes. Operate as main point of contact for all aspects of probate and non-probate estate and trust matters assigned by National Manager. Driver of settlement process, aligning financial advisors, attorneys, accountants, real estate and personal property service providers to meet estate needs in high volume environment. Regularly convenes and facilitates client, advisor and family meetings apprising of status. Identifies, collects and values assets held internally and at external financial institutions/custodians. Identifies and pays claims and expenses timely. Coordinates the preparation of estate, gift and income tax required returns. Strong working knowledge of federal and state estate tax applicability needed. Oversees the distribution of assets. Escalates risk and compliance matters and adheres to various account level and team level reporting duties. Administer closing process for all estate and personal trust accounts including testamentary and intervivos trusts, Charitable Trusts, Conservatorships, Guardianships, Life Insurance Trusts, Private Family Foundations, Special Needs Trusts, and other Agency accounts. Perform initial closing review of accounts submitted to the termination department and engage in all aspects of the account close process. Partner with all internal department colleagues in Tax, Fees, Operations, and Trust Administration as well as external clients (Beneficiaries, CPAs, Attorneys, Banker, Financial Advisor, Portfolio Manager, etc.) to ensure all closing relationships are properly approved for accurate and timely delivery of assets. WHAT WILL YOU DO?

• Administer and interpret fiduciary accounts in accordance with applicable laws and regulations and the stipulations of governing documents, local law or Court Order under which authority is conferred.
• Interact with and provide guidance to Real Property Managers, CPAs and Trust Counsel, Portfolio Managers, Bankers, Investment Advisors, and other bank colleagues.
• Facilitate onboarding of new estate and administrative trust matters engaging with internal account opening partners to ensure timely and accurate account set up.
• Oversee real and personal property inventories and appraisals with service providers. Mediate and manage beneficiary concerns regarding all types of assets, including tangible personal property.
• Completes internal reporting and task checklists timely.
• Frequent driving/travel required for client meetings, marshalling of assets, government office appointments and to address real and personal property duties.
• Oversee closing administrative review of Trust accounts. Check files for correct forms, codes, review payments and transactions for accuracy. Review Trust Document to ensure documents are in compliance.
• Marshall, inventory and facilitate appraisal of assets. Calculate appropriate settlement reserves and pay settlement expenses. Interface with various government agencies and beneficiaries throughout settlement process. Review and prepare settlement agreements and trust accountings in collaboration with Office of Chief Fiduciary and outside counsel for judicial and informal terminations.
• Review and guide trust teams with termination matters subject to various legal jurisdictions offering settlement expertise. Partner with Closing Unit officer to maintain accurate logs of terminations, manage intake process and termination tracking steps. Engage with beneficiaries, external advisors and others to circulate settlement documents, confirm distribution instructions and handle asset transfers. Support reporting requirements to National Trust Administration Committee.
• Obtain missing documents from clients.
• Interface with tax department to gain tax clearance and final tax reserve and payments. Estimate taxes and allocate tax payments between principal and income, and maintain tax calendars. Communicate with Tax Vendor and external accountants. Respond timely to information request from tax partners and review tax worksheets on account activity for coding/tax treatment accuracy.
• Gather/submit pertinent facts to the Senior Trust Advisor regarding situations requiring the use of fiduciary discretion as appropriate.
• Work with appropriate colleagues to develop investment strategies.
• Oversee distribution of client's assets upon termination of accounts. Facilitate retitling of various specialized assets including real estate, oil and gas, royalties, partnership interests, etc.
• Respond to clients, advisors, and intermediaries regarding the administration and maintenance of accounts
• Maintain a proactive commitment to established Bank programs, such as CustomerFirst, Community Reinvestment Act (CRA) and Equal Employment Opportunity.
• Comply fully with all Bank Operational and Wealth Management policies and procedures as well as all regulatory requirements (e.g. Bank Secrecy Act, Know Your Client, Community Reinvestment Act, Fair Lending Practices, Code of Conduct, etc.).
• Follow appropriate Regulation 9 process.
• Maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications.

Required Qualifications*

• Bachelor's Degree or equivalent
• 8 years of experience in a financial or legal services organization

Additional Qualifications

• Bachelor's Degree
• 10 years of experience in trust administration
• Microsoft Office (Word, Excel & PowerPoint)
• JD, LLM or other legal designation/degree preferred
• Completion of Trust Certificate and/or CTFA preferred
• Strong oral and written communication skills are required. Specifically, excellent interpersonal skills with the ability to interact effectively with all levels of CNB personnel, clients and outside contacts
• The ability to profile clients with an emphasis on retain business
• Familiarity with state tax laws, income taxation with respect to trust investment management principles
• Demonstrated strategic team player
• Strong organizational skills
• Anticipate needs and proactively seek solutions
• The ability to work on multiple tasks/projects simultaneously is crucial in this position
• Must be PC literate and be familiar with trust accounting systems.

WHAT'S IN IT FOR YOU? Compensation Starting base salary: $101,231 - $172,355 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
Benefits and Perks At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues including:

• Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
• Generous 401(k) company matching contribution
• Career Development through Tuition Reimbursement and other internal upskilling and training resources
• Valued Time Away benefits including vacation, sick and volunteer time
• Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
• Career Mobility support from a dedicated recruitment team
• Colleague Resource Groups to support networking and community engagement

Get a more detailed look at our Benefits and Perks.
ABOUT US Since day one we've always gone further than the competition to help our clients, colleagues and communities flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues today. City National is a subsidiary of Royal Bank of Canada, one of North America's leading diversified financial services companies. To learn more about City National and our dynamic company culture, visit us at About Us.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law.

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

*Represents basic qualifications for the position. To be considered for this position, you must at least meet the required qualifications. careers.cnb.com accepts applications on an ongoing basis, until filled.

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