Specialty Administration Trust Advisor I
The Specialty Administration Trust Advisor I role will be responsible for providing advisory and administrative support to internal clients for a variety of trust accounts. This role will be focused on the administration and oversight of IRA accounts as well as internal client management responsibility for administering over 450 IRA accounts, including Traditional, Roth, SEP, Inherited, and Trusteed IRA accounts. The role will work closely with grantors and beneficiaries throughout the United States, as well as center of influence professionals such as attorneys and CPAs. These accounts are of a highly technical nature, and their administration is specialized, requiring knowledge of trust, tax, and IRA/qualified plan IRS regulations. The role will support advisory and compliance for the IRA accounts throughout Comerica's footprint, and is directly involved with the Fiduciary Strategists and Wealth Advisors in support of new business for both the Private Wealth and Advisor Solutions teams. In addition to the IRA job duties, this role will be engaged in responsibilities associated with Personal Trust Advisor and Administration and Unique Assets -- specifically Oil and Gas. The role will review Discretionary requests and new business submissions for all types of personal trust accounts. Finally, the role may support the Review of Oil & Gas documents, the tracking of asset set-up, the oversight of asset set-up, and the monitoring of these assets. This role may provide oversight of the process overall and work with property managers nationwide and outside agencies on a limited basis.
Position Responsibilities: New Business and Ongoing Administration
- Review governing documentation for non-complex specialty accounts to ensure Comerica can act in accordance with the document requirements.
- Ensure account coding is consistent with the governing document.
- Manage the complexities associated with these special types of accounts -- ensuring IRS requirements are met, calculating, and reviewing required minimum distributions occur and ensure any other nuance with the specialty type of account under their oversight is met.
- Review governing documentation for irrevocable trusts to focus on reviewing and approving Discretionary requests and new business.
- Review Oil & Gas documents and the set-up of these asset types.
- Complete required state or federal registrations for specific account type and manage renewals as needed.
- Complete required account reviews for new accounts and existing accounts per Comerica policy.
- Adhere to all Comerica policies regarding account administration of accounts.
- Review/Process transactions using the trust accounting platform as needed for certain accounts.
- Participate in consultations that more senior trust advisors are leading assisting as needed with issue resolution. These consultations focus on managing or mitigating risk as well as providing suggestion steps to remediate issues.
- Complete follow up to ensure remediation steps are completed.
- Maintain a full understanding of personal trust policies and procedures to include recommending changes as needed due to new regulatory or procedural requirements.
- Participate in projects which affect the broader business and improves efficiency of delivery of services to clients.
- Actively contributes to the team, providing feedback on procedural changes and assisting in the development of less experienced team members.
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