WHAT IS THE OPPORTUNITY? Administer 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 legal and trust administration review of all potential new trust or investment business. Partner with Business Development colleagues (Banker, Financial Advisor, Portfolio Manager, etc.) to ensure proposed new relationships are within CNB's risk appetite and can be managed without issue
Private Banking Division
As a member of City National's Private Banking group, you will help deliver tailored financial solutions to high- and ultra-high-net-worth families, select professional services firms and select nonprofits. Exceptional, customized service and integrated solutions and strategies, investment management, trust and wealth planning set this team apart.
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.
- Oversee annual 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.
- Analyze anticipated income to insure sufficient cash is maintained to meet beneficiary distributions, banks fees, trust bills, etc.
- Obtain missing documents from clients.
- Produce and review gain/loss reports for clients and intermediaries. Research tax deficiency notices. Estimate taxes and allocate tax payments between principal and income, and maintain tax calendars. Communicate with Tax Vendor and external accountants.
- Gather data for account reconciliation's, ensuring distribution requirements are met for charitable trusts, compute distribution amounts for unit-trust accounts and review fee agreements between the Bank, clients, and Co-Fiduciaries.
- Gather/submit pertinent facts to the Trust Administration Committee regarding situations requiring the use of fiduciary discretion as appropriate. Review and submit proposals for consideration, direction and approval.
- Work with appropriate colleagues to develop investment strategies.
- Oversee distribution of client's assets upon termination of accounts.
- 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.).
- Perform a legal and administrative review of all potential new business.
- Work with Bankers, Portfolio Managers, and Financial Consultant colleagues to gather the necessary information and documentation to ensure we understand the risk and other issues associated with new opportunity (e.g., agreements, fee schedules, transfer directions, receipt of assets, reporting correct cost basis and tax acquisition dates, missing form and signatures, etc.).
- Build strong relationships with key COI's, Bankers, and Financial Advisors.
- Work with external advisors and attorneys to expand trust's brand and garner larger market share within region.
- Set proper expectations with all internal and external partners around timing and progress of new opportunity.
- Serve as a point of escalation for problem resolution.
- Manage risk to ensure all relationships are within CNB's risk appetite.
- Provide regular tracking for review of new business activities.
- Meet regularly with existing income beneficiaries and remaindermen to profile clients and eventual retention of distributing trusts.
- Follow appropriate Regulation 9 process.
- Maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications.
WHAT DO YOU NEED TO SUCCEED
- 10+ years of experience in a financial or legal services organization
Skills and Knowledge
- Bachelor's Degree or 5 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
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.
ABOUT CITY NATIONAL We start with a basic premise: Business is personal. Since day one we've always gone further than the competition to help our clients, colleagues and community flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today. City National is a subsidiary of Royal Bank of Canada, one of North America's leading diversified financial services companies. #LI-LN1 #CA-LN Equal Opportunity Employer Minorities/Women/Protected Veterans/Disabled
Apply on company website