Wealth Management Solutions, Trust & Estates, Trust Administrator - VP

Next Frontier Capital; Greenwich (CT); On-site; USD 90,000 - 150,000; Full time

Benefits offered by this job

Health care coverage

On-site health and wellness centers

Retirement savings plan

Backup childcare

Tuition reimbursement

Mental health support

Financial coaching

Job summary

JPMorgan Chase & Co. in Greenwich, CT seeks a Trust Administrative Officer to support the Global Trusts & Estates Practice in the daily administration of trust accounts and interdepartmental coordination.

The role requires 3–5 years in the trust and estates field, strong problem solving and client servicing skills, and the ability to collaborate with tax, legal, and investment teams to meet beneficiaries' needs.

Qualifications

• Bachelor's degree required.
• A minimum of 3-5 years’ experience in the trust and estates industry.
• Experience in the administration and support of trusts including general understanding of fiduciary products and concepts, including legal, tax and investments knowledge.
• Problem Solving/Risk Management – takes initiative, decisive, accountable, exhibits critical analysis and judgment.
• Client Servicing – client knowledge, client relationships, proactive communication.
• Teamwork/Personal Effectiveness – clear and concise communication, time management, adaptability to delegate, coaching and training.
• Cross Selling and Retention skills.
• Strong computer skills including proficiency with trust accounting system.
• Prior corporate trustee experience a plus.

Responsibilities

• Work with the Account Opening Group to open trust accounts.
• Interpret the governing instrument and applicable law to ensure the proper set-up of account records, including payments, fee schedules and tax records.
• Communicate with beneficiaries and co-trustees to outline administrative procedures.
• Respond to client issues, anticipate client needs, and prepare for and participate in client meetings with the Trust Officer.
• Work with the Tax Officers and counsel on income, gift, estate, and generation skipping taxes for the trust/estate and its beneficiaries.
• Respond to requests from beneficiaries for discretionary distributions. Prepare memoranda supporting recommendation regarding how the Bank shall exercise discretionary powers it has as trustee.
• Coordinate with Trust Officer on the communication of the decision to client and follow-up action on the request as necessary.
• Handle ongoing day to day administration of account, and proactively manage account base in an effort to avoid and minimize service and operational issues.
• Oversee the work performed by various operational groups. Identify risk that might be incurred in connection with a trust, consistent with any applicable policies and procedures governing the risk in question.
• Utilize risk management tools, such as the overdraft report, daily transaction report, Administrative
• Review, Holistic Review and the AAR Variance Report to ensure that all exceptions are properly addressed and kept to a minimum.
• Communicate with Investors regarding investment matters and liquidity needs.
• Handle departmental projects relating to accounts and special assets.
• Participate on various committees as needed.
• When the trust terminates the account is transferred to the Trust Settlement group. The Trust Administrative Officer is responsible for ensuring appropriate steps are taken to minimize risk, including canceling payments and statements, where appropriate, and obtaining necessary documents for the Settlements group

Skills

Problem Solving

Client Servicing

Teamwork

Cross Selling

Computer Skills

Education

Bachelor's degree

Tools

Trust accounting system

Job description

Description

The Global Trusts & Estates Practice is an integral part of the services we offer to clients. With over 160 years of experience in serving as a corporate fiduciary for families, it is important that our Trusts and Estates services are delivered by the most capable people, with technical experience as well as the ability to interact well with a variety of types of families and individuals. When JPMorgan is appointed as corporate trustee of a trust, whether created by a client during his lifetime or upon his death through a provision in his will, the Trust Administrative Officer works under the supervision of the Trust Officer in the administration of the accounts. The Trust Administrative Officer is expected to have or develop the skills to provide leverage and back-up coverage for the Trust Officer with whom the Trust Administrative Officer works.

The J.P. Morgan Private Bank offers high net worth individuals and families personalized, comprehensive financial solutions that integrate sophisticated investment management, capital markets, trusts & estates and banking capabilities. For over 7 consecutive years we have been voted number 1 in the U.S. for overall private banking services by Euromoney, and we have been specifically recognized for our succession planning, advice and trust services.

The responsibilities of this role are as follows:

Technical and Risk Management

• Work with the Account Opening Group to open trust accounts
• Interpret the governing instrument and applicable law to ensure the proper set-up of account records, including payments, fee schedules and tax records
• Communicate with beneficiaries and co-trustees to outline administrative procedures
• Respond to client issues, anticipate client needs, and prepare for and participate in client meetings with the Trust Officer
• Work with the Tax Officers and counsel on income, gift, estate, and generation skipping taxes for the trust/estate and its beneficiaries
• Respond to requests from beneficiaries for discretionary distributions. Prepare memoranda supporting recommendation regarding how the Bank shall exercise discretionary powers it has as trustee. Confer with co-trustee (if any) to obtain his/her approval
• Coordinate with Trust Officer on the communication of the decision to client and follow-up action on the request as necessary
• Handle ongoing day to day administration of account, and proactively manage account base in an effort to avoid and minimize service and operational issues
• Oversee the work performed by various operational groups. Identify risk that might be incurred in connection with a trust, consistent with any applicable policies and procedures governing the risk in question
• Utilize risk management tools, such as the overdraft report, daily transaction report, Administrative
• Review, Holistic Review and the AAR Variance Report to ensure that all exceptions are properly addressed and kept to a minimum
• Communicate with Investors regarding investment matters and liquidity needs
• Handle departmental projects relating to accounts and special assets.
• Participate on various committees as needed
• When the trust terminates the account is transferred to the Trust Settlement group. The Trust Administrative Officer is responsible for ensuring appropriate steps are taken to minimize risk, including canceling payments and statements, where appropriate, and obtaining necessary documents for the Settlements group

Client Relationship Management

• Trust Administrative Officers must actively participate in dealing with interested parties and develop relationships with income beneficiaries, co-trustees and intermediaries in order to have appropriate knowledge to carry out the grantor’s purposes and meet the needs of the beneficiaries

Educational/Administrative

• The specialized and ever changing nature of the Trust practice requires that Trust Administrative Officers devote time to personal development and training
• Training at JPMorgan includes internal sessions covering systems changes, practices and procedures, Q & A sessions offered to facilitate understanding of our environment and sessions on technical, legal, tax and regulatory developments

Qualifications:

• Bachelor's degree required
• A minimum of 3-5 years’ experience in the trust and estates industry
• Experience in the administration and support of trusts including general understanding of fiduciary products and concepts, including legal, tax and investments knowledge
• Problem Solving/Risk Management – takes initiative, decisive, accountable, exhibits critical analysis and judgment
• Client Servicing – client knowledge, client relationships, proactive communication
• Teamwork/Personal Effectiveness – clear and concise communication, time management, adaptability to delegate, coaching and training
• Cross Selling and Retention skills
• Strong computer skills including proficiency with trust accounting system
• Prior corporate trustee experience a plus.

We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.

We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.

JPMorgan Chase & Co. is an Equal Opportunity Employer, including Disability/Veterans.

J.P. Morgan Asset & Wealth Management delivers industry-leading investment management and private banking solutions. Asset Management provides individuals, advisors and institutions with strategies and expertise that span the full spectrum of asset classes through our global network of investment professionals. Wealth Management helps individuals, families and foundations take a more intentional approach to their wealth or finances to better define, focus and realize their goals. Work with the Account Opening Group to open trust accounts.