Trust Senior Associate (TSA), Private Bank

Bank of America; Florham Park (NJ); On-site; USD 43,000 - 61,000; Full time

Benefits offered by this job

Discretionary bonus eligibility

Industry-leading benefits

Job summary

Bank of America’s Florham Park, NJ Trust Senior Associate role supports trust officers in servicing and administering trust relationships. You will coordinate with Merrill Advisors, clients, and outside advisors while learning the bank’s risk parameters and procedures.

The candidate will be detail-oriented, able to work independently, and strong in verbal and written communication. A high school diploma is required; a bachelor’s degree is preferred, with a first shift and 40 hours per week.

Qualifications

• Minimum two (2) years experience in a client-facing or financial services operations role or Trust support experience strongly preferred.

Responsibilities

• Partner with client teams, business partners and centralized service teams to deliver Private Bank capabilities and solutions related to: Proactive client servicing such as meeting material preparation and family tree updates.
• Research inquiries from clients, Advisors and Centers of Influence and provide timely responses.
• Facilitating tax reporting process by researching cost basis, responding to internal requests for information, obtaining outstanding tax documents from external sources and furnishing tax documents as requested to clients and their personal tax preparers.
• Mitigate fiduciary risks through cash balances monitoring, overdraft remediation and addressing excess cash holdings; review of prior day activity reports; raising cash; Investment Policy Statement reviews/updates; Discretionary Action Form preparation and supporting documentation review; updating account coding in response to changes in circumstances.
• Support ad-hoc administrative and strategic projects, prepare reports and conduct research.
• Adhere to Private Bank and Enterprise risk framework and comply with regulatory and legal requirements.

Skills

Active Listening

Adaptability

Attention to Detail

Emotional Intelligence

Prioritization

Collaboration

Critical Thinking

Decision Making

Oral Communications

Written Communications

Drives Engagement

Innovative Thinking

Mentoring

Networking

Problem Solving

Education

High School Diploma

Bachelors degree preferred

Job description

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role‑specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Trust Senior Associate (TSA), Private Banking, Florham Park, NJ -

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The Trust Senior Associate (TSA) is a specialist role assisting trust officers with all phases of trust relationship servicing and administration. In this capacity the TSA will interact with Merrill Advisors (FAs) and their teams, clients and/or clients’ outside advisors directly or as a research resource. The TSA will coordinate the internal delivery of trust services through the appropriate channels within the Fiduciary Solutions and/or Trust Operations groups.

It is recognized that candidates may not have specific trust experience and/or familiarity with the company’s risk parameters and policies and procedures. Applicants who are detailed oriented, can work independently and have a willingness to learn the required skills for this role are viable candidates. Strong verbal and written communication skills are critical for this position, as it requires significant telephone and written interaction with clients, their Advisors and intermediaries.

Responsibilities:

• Partner with client teams, business partners and centralized service teams to deliver Private Bank capabilities and solutions related to:
  • Proactive client servicing such as meeting material preparation and family tree updates.
  • Supporting a seamless client experience and timely responses by researching inquiries from clients, Advisors and Centers of Influence.
  • Facilitating tax reporting process by researching cost basis, responding to internal requests for information, obtaining outstanding tax documents from external sources and furnishing tax documents as requested to clients and their personal tax preparers.
• Perform tasks necessary to mitigate fiduciary risks though multiple routines and processes:
  • Monitoring of cash balances including overdraft remediation and addressing excess cash holdings
  • Review of prior day activity reports
  • Raising cash
  • Investment Policy Statement reviews/updates
  • Discretionary Action Form preparation and supporting documentation review
  • Updating account coding in response to changes in circumstances and/or completion of periodic account reviews
  • Fee acknowledgement preparation
  • Deceased Client Notification process and action items
  • Account maintenance, such as establishment and updates to interested party records
  • Know Your Client refreshes
  • Monitoring of RMD status for IRAs and private foundations
• Support ad-hoc administrative and strategic projects, prepare reports and conduct research.
• Adhere to Private Bank and Enterprise risk framework and comply with regulatory and legal requirements.

• Minimum two (2) years experience in a client-facing or financial services operations role or Trust support experience strongly preferred.

Skills:

• Active Listening
• Adaptability
• Attention to Detail
• Emotional Intelligence
• Prioritization
• Collaboration
• Critical Thinking
• Decision Making
• Oral Communications
• Written Communications
• Drives Engagement
• Innovative Thinking
• Mentoring
• Networking
• Problem Solving

Minimum Education Requirement:

High School Diploma / GED / Secondary School or equivalent; Bachelor’s degree preferred.

For internal employees: participation in a work from home posture does not make you eligible to post.

Shift:

1st shift (United States of America)

Hours Per Week:

40

Pay Transparency details

US - NJ - Florham Park - 100 CAMPUS DR (NJ2100), US - NY - NEW YORK - 75 ROCKEFELLER PLZ (NY3075), US - NY - White Plains - 360 HAMILTON AVE (NY3360)

Pay and benefits information

Pay range

$31.25 - $44.33 hourly pay, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.