Trust Officer

City National Bank; City of Rochester (NY); On-site; USD 123,000 - 209,000; Full time

Benefits offered by this job

Healthcare coverage

401(k) matching

Tuition reimbursement

Vacation and sick leave

Family planning benefits

Career mobility support

Colleague Resource Groups

Job summary

City National Bank is seeking a Trust Officer in New York, Rochester area to administer estate and personal trust accounts, including complex fiduciary structures, while coordinating with bankers, advisors, and attorneys. The role requires deep trust administration experience and strong regulatory knowledge to ensure compliant management of client relationships and assets.

Responsibilities include coordinating annual account reviews, forecasting income for distributions, and ensuring accurate

Qualifications

• Bachelor's degree or equivalent required.
• 8 years of experience in a financial or legal services organization.
• 8 years of experience in trust administration.
• Proficiency with Microsoft Office.
• JD, LLM or other legal designation/degree preferred.
• Completion of Trust Certificate and/or CTFA preferred.

Responsibilities

• Administer fiduciary accounts per laws and governing documents.
• Interact with Real Property Managers, CPAs and Trust Counsel, Portfolio Managers, Bankers, and Advisors.
• Oversee annual administrative review of Trust accounts and compliance.
• Analyze income to meet beneficiary distributions and fees.
• Obtain missing documents from clients.
• Prepare gain/loss reports and coordinate tax payments.
• Gather data for reconciliations and review fee agreements.
• Collaborate with colleagues on investment strategies and risk.
• Manage client asset distributions at account termination.
• Respond to clients and advisors regarding account administration.
• Maintain alignment with Bank programs and regulatory requirements.

Skills

Trust administration

Client relations

Regulatory compliance

Financial services

Education

Bachelor's Degree or equivalent

JD/LLM or legal designation preferred

Tools

Microsoft Office

Regulatory reporting tools

Job description

TRUST OFFICER

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

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?

Required Qualifications*

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

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

WHAT'S IN IT FOR YOU?

Compensation

Starting base salary: $122,548 - $208,711 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.

Unless otherwise indicated as fully remote, reporting into a designated City National location is an essential function of the job.