Assistant Manager, Private Wealth

Praxis Group; New Jersey; On-site; USD 90,000 - 130,000; Full time

Job summary

Praxis Group seeks an experienced Assistant Trust Manager to oversee a private wealth portfolio and day-to-day service delivery. You will provide technical support to the Trust Manager and mentor junior staff, while upholding risk controls and client service standards.

Key duties include managing relationships, attending meetings, cross-selling opportunities, and ensuring compliance with Jersey and international regulations.

Qualifications

• Comprehensive knowledge of offshore fiduciary services.
• Proven track record in handling complex offshore fiduciary issues.
• Proven track record in client relationship management.
• Excellent time management and organisation skills.
• Knowledge of compliance issues and regulatory framework.

Responsibilities

• Manage a portfolio of private wealth relationships and service delivery.
• Support the Trust Manager and junior staff with technical guidance.
• Develop the client base through meetings and referrals.
• Identify and mitigate risks in line with governance policies.
• Assist in training and performance appraisals of team members.
• Stay updated on industry developments and professional standards.

Skills

Offshore fiduciary services

Client relationship mgmt

Time management

Communication skills

Leadership / mentoring

Staff training

Education

Fiduciary/wealth management qualification

Job description

Praxis is an independent, leading provider of bespoke private wealth, corporate administration and yacht services to companies, individuals and families across the world.

Our expertise and experience is driven by recruiting and retaining the brightest and best, and creating a culture that allows people to thrive. Our independence encourages an open culture where every voice is valued. We care about creating an environment that hears, supports and shares openly with all our people.

Teamwork and collaboration are at the heart of our approach, and we nurture an environment of openness and respect where everyone feels valued.

Be heard. Be part of the Praxis Group.

Our private wealth and corporate services teams work with our clients and their advisers, delivering an efficient, informed and personal service. We operate a fast-paced and rewarding environment with opportunities to service a variety of international clients across all asset classes.

Job Summary

To manage a portfolio of private wealth relationships and day to day service delivery expectations and to provide assistance to the Trust Manager in the efficient management of a section. Typically, this will entail providing technical and managerial support to more junior staff.

From time to time to undertake specific additional tasks as advised. Work with the rest of the Fiduciary management team to improve profitability, limit both Praxis’ and clients’ exposure to risk and provide a quality service to clients.

Job Accountabilities

Client Relationship Management

• Have a detailed understanding of the principles and practices of offshore structures.
• Demonstrated ability to manage and maintain client relationships in accordance with KPIs and Praxis standards.
• Demonstrated ability to take responsibility for all work, and all work delegated to administration team, including the prioritisation of workload and ability to meet deadlines at all times.
• Liaise with other departments regarding accounting and taxation issues and with Operations Departmental Manager regarding operational issues.
• Have a broad understanding of tax issues and jurisdictions as they relate to client circumstances.
• Anticipate technical problems when dealing with client issues, and, where necessary, seek expert advice.
• Assist the junior members of the team with complex aspects of client relationship management, making decisions as appropriate including referring matters to the Trust Manager or other Senior Management.
• Develop a professional relationship with intermediaries and service providers in the conduct of client business.
• Assisting with the review of company and trust accounts and any other financial reports.

Business Development

• Attend meetings with existing and prospective clients and intermediaries.
• Develop the existing client base by understanding client needs through effective listening and questioning. Seek out new business opportunities by developing good working relations with professional intermediaries.
• Have a general awareness of financial and economic developments globally.
• Identify areas of cross selling across the Group.

Risk Management

• Understand the legal and regulatory legislations in Jersey and any other legislation that impacts on the conduct of fiduciary business within the jurisdiction.
• Report complaints, operational risks, suspicions etc in accordance with local legislation and the Praxis procedures.
• Ensure that risk issues are reported to the Directors and Compliance as appropriate.
• Understand, apply, and adhere to Praxis' risk management policies and procedures and, where appropriate, be proactive in identifying and proposing improvements.
• Assess and manage risk situations to avert potential risk issues for both clients and Praxis and to ensure that the assets of both are protected.
• Ensure that client complaints are dealt with in a timely manner and at the right level.

Corporate Governance

• Actively champion Praxis' values by promoting a culture of professionalism, teamwork, and leadership.
• Understand Praxis’ vision and the direction in which the Group is heading.
• Understand how the role of each individual contributes to Praxis’ vision.

Financial Management

• Assist the Trust Manager in managing the Key Performance Indicators for junior members of the team (set as part of the annual budget process and notified to the individual via the appraisal/objective setting process).
• Balance the client’s needs with the Group’s commercial expectations both in developing strategies for clients and in the day-to-day management of their affairs.

People Management

• As required, assist with the training and development of team members within each reporting section.
• Participate in the appraisals of staff within their area of responsibility.

Personal Development

• Attend seminars and workshops, keep up to date with industry publications, legal updates and advisory briefs and follow developments in wealth management to enhance professional and technical knowledge.
• Identify areas of personal development.
• Maintain evidence of continuing professional development.

Skills and Knowledge

Key areas are as follows (note that the Assistant Trust Manager is expected to demonstrate these skills or, in the minority, show potential to acquire them):

• Comprehensive knowledge of and a proven track record in offshore fiduciary services.
• A proven track record in handling complex offshore fiduciary issues.
• A proven track record in client relationship management.
• Good interpersonal skills for dealing with staff, intermediaries, and clients.
• Excellent time management and organisation skills.
• Good understanding of financial markets and finances in general.
• Excellent communication skills.
• Ability to assist with the training and development of staff.
• Knowledge of compliance issues and the regulatory framework within which Praxis operates.

Additional Information

Praxis is an independent group of companies providing a wide range of bespoke professional services to private individuals, families, and international corporate clients. We celebrated our 50th anniversary in 2022, and employ around 400 people across 15 jurisdictions, with over 90 of our team based in Jersey.

In addition, all our team members are expected to be committed to our core values:

• We trust
• We listen
• We inspire
• We succeed together