ii. Material preparation
General Overview:
The Trust Officer is responsible for providing comprehensive trust management services to support the trust accounts held at Way Trust. In this role, the Trust Officer will partner with the relationship manager to give top level service to our trustees and beneficiaries. The Trust Officer will also partner with all other departments of parent company including Legal, Investments, Tax, Insurance, and Accounting to incorporate the expertise required to meet the needs of the trust clients.
Key Areas of Responsibility:
1. Provide Comprehensive Trust Administration Services, including:
- Work with other Trust Officers to administer a portfolio of accounts; proactively manage and administer trusts
- Make discretionary investment and distribution decisions with respect to trust accounts
- Execute documents that facilitate or accept fiduciary responsibility and assess/approve new trust accounts
- Facilitate account set up and maintenance
- Conduct administrative/investment review process and create and maintain all related documentation
- Prepare monthly cash flows and projections for trust accounts
- Monitor cash and facilitate cash movement
- Review cash statements and financial reports for accuracy
- Tax: assist with coordination, assessment and follow up to obtain missing items, review, obtain signatures (or execute on behalf of the Trust Company)
- Process bill pay and facilitate distribution requests (some involvement with journal entries)
- Complete and maintain investment documentation and assist with continuous investing
- Prepare trust accountings, as needed
- Miscellaneous projects as requested.
2. Trustee Meeting Preparation and Presentations
- Assist other Trust Officers with preparing meeting material for trustees and/or beneficiaries
- Meeting coordination and administration: scheduling, misc. admin, facilitate and track follow up work, prepare meeting minutes
- Lead meetings (if appropriate) and or provide support during meetings
3. Coordination of related services including tax, investment and legal
- Participate with the team to assess charitable and other tax planning opportunities
- Partner with Investment staff regarding implementation of asset allocation plan
- Partner with legal team to administer estate planning vehicles such as GRATS, ILITS, or other unique asset purchases/sales
4. Assist with Operational Responsibilities
- Be knowledgeable of and adhere to trust company rules and regulations
- Assist with continued development, implementation and refinement of trust company policies and procedures.
- Assist with reporting functions for all relevant outside regulatory bodies including, but not limited to, the South Dakota Division of Banking.
- Assist/Facilitate Way Trust Governance meetings (e.g. Quarterly Director, Monthly Trust Committee, Monthly Trust Sub-Committee, Trustee Meetings)
i. Coordination
ii. Material preparation
iii. Attend and assist with meeting minutes
Professional Qualifications:
- 5-10+ years of experience in trust administration
- Strong knowledge of trust administration and financial/wealth planning for UHNW individuals/families
- Estate, income and gift tax and GST tax knowledge preferred
- Strong desire to provide top level service to relationship managers and other Trust Officers
- Willing to travel (mostly to Wayzata, Minnesota) to work interactively with Minnesota team (3-4 times/year)
- Must be a self-starter, take initiative, independently assess and carry out next steps and problem solve and also be able to work as part of a team
- Must be willing and able to do work below, at, and above level of position
- Must maintain a high level of confidentiality regarding sensitive information
- Strong organization skills, attention to detail and ability to multi-task
- Advanced experience and proficiency in Microsoft Office suite and Excel
- Ability to display positive attitude in managing interactions with others inside and outside the company
- Excellent communication skills, both verbal and written
Working Conditions: The physical working conditions of this position include an office environment where sitting and working on a computer for extended periods of time are common. We offer a collaborative professional culture, with competitive pay and benefits. We currently operate in a hybrid environment requiring employees to be in the office a minimum of 3 days per week with the option to work remote 2 days per week, based on meeting schedules. Remote work must be in either SD or MN. On occasion and with prior approval you may work from a different location other than in MN or
SD. This work arrangement is subject to change and is at the discretion of Waycrosse.
Job Type: Full-time
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Flexible spending account
- Health insurance
- Life insurance
- Paid time off
- Vision insurance
Schedule:
- 8 hour shift
- Monday to Friday
Ability to commute/relocate:
- Sioux Falls, SD 57105: Reliably commute or planning to relocate before starting work (Required)
Experience:
- Trust administration: 5 years (Required)
- Estate, income and gift tax: 2 years (Required)
Work Location: Hybrid remote in Sioux Falls, SD 57105