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AVP, Trust Officer

Job ID: R-011995 Date posted: 01/07/2021 Primary Location OH-Cleveland

The Private Trust Company (PTC), an affiliate of LPL Financial LLC, is a growing, fast-paced, entrepreneurial business headquartered in Cleveland, Ohio, that assists families in transferring, protecting, preserving and managing wealth to future generations, charities and communities.  PTC is a national trust company with a unique business model that focuses on an open architecture investment management style, recognizing that clients are best served with a team of professionals with whom we will work.  We offer clients the sophistication of our experienced trust officers, combined with a high level of customer service.  As a limited purpose national bank, PTC is examined by the Office of the Comptroller of the Currency, a division of the US Treasury. 

Opportunity and Role

PTC has a corporate value of creating a more client-centric culture and this role is pivotal to driving that agenda forward and elevating the service levels of clients and advisors. This role is responsible for managing accounts for LPL Channel and Cleveland Channel clients and advisors. This position is responsible for all administrative, compliance and investment matters related to the assigned book of business.  Delivery of exceptional customer service experiences, including accurate, timely and effective communication and execution of relational and transactional activities among clients and advisors are critical.

Trust Officer duties include (but are not limited to):

  • Responsibility for administrative management and oversight of 250 trust accounts
  • Work closely with the Middle Office to create and complete account opening documentation.  Maintain communication with advisors/clients as needed to follow up to ensure completion. 
  • Interact with clients and advisors via phone, mail and client meetings to handle client requests.
  • Prepare special reports for clients and advisors to supplement account statements, summarizing their financial, cash flow, tax, gifting and/or estate planning information.
  • Collect and create disbursement requests while ensuring receipt of adequate documentation.
  • Manage and oversee the preparation of proper documentation and compliance backup for client family gifts and charitable gifts, Crummey notices, etc.
  • Calculate and process Charitable Trust, TRU and RMD distributions and communicate to clients and advisors regarding such.
  • Call and write clients and advisors to review their or their client’s accounts, assisting in financial planning and organization to achieve trust administration goals.
  • Work closely with PTC tax preparers and accountants of clients to ensure appropriate completed returns, timely filings and taxes paid.
  • Understand and assist in the management all types of illiquid assets including partnerships, annuities, insurance, real estate, closely-held investments, hedge funds, etc. and be able to handle the complex issues surrounding these investments properly on a trust administration and tax level.
  • Handle trust settlement details and documentation for accounts where PTC’s role is supporting, or substituting for, an executor or personal representative.  Close accounts, prepare paperwork for transfer of assets, facilitate the payment of bills, collection and valuation of estate assets, handling family members inquiries, communicate with attorneys and accountants, etc.
  • Review investment policies, account performance, cash liquidity needs, historical or prospective changes in client situations or activities, etc.  Bring recommendations to the Trust Administration Committee for items out of compliance or general proactive recommendations to improve our service level to the client.  Prepare client accounts documentation for their annual trust account review. 
  • Review statements and oversee all mailings to advisors, clients and beneficiaries.
  • Facilitate and understand complex transactions often initiated by the client or as part of financial planning for the client/beneficiary interrelated with trust administration goals.  Items may include facilitating the refinancing of client’s mortgage, other commercial lending activities, analyzing budgets, cash flow analysis, transactions with clients’ small business, tax and legal matters, handling communications with accountants and attorneys, etc.

This individual will participate in the weekly Trust Administration, Trust Acceptance and monthly Trust Investment Committee meetings. Specifically, for the Trust Administration and Trust Investment Committee meeting, the candidate will bring information about clients/accounts to the Committees so that the Committees as a whole can agree on discretionary distributions, account investments, periodic account reviews, and general procedures and practices

Education & Experience

The ideal candidate will have an undergraduate degree, quality computer skills, excellent customer service and communication skills, and over 8 years of active experience as a trust administrator that interfaces with the legal, brokerage, or investment fields.  Additionally, knowledge and experience in estate planning, financial accounting, bank compliance, and trust laws such as principal and income accounting laws are required.   The candidate should be a self-starter, extremely detail-oriented, organized and focused on accuracy and possess excellent customer service and communication skills.

The following are critical general skills which the candidate must possess: 

  • Communication – must be able to express ideas clearly, both verbally and in writing and to articulate issues and solutions in a client relationship environment
  • Project and time management skills.
  • Technical skills – must have thorough working knowledge of computer systems including Word, Excel, PowerPoint
  • Listening – ability to listen actively and attentively.
  • Interpersonal skills – relates well to people at all levels; builds appropriate rapport; uses diplomacy and tact.
  • Analytical / problem solving skills.

Why LPL? 

At LPL, we believe that objective financial guidance is a fundamental need for everyone. As the nation’s leading independent broker-dealer, we offer an integrated platform of proprietary technology, brokerage, and investment advisor services. We provide you with a work environment that encourages your creativity and growth, a leadership team that is supportive and responsive, and the opportunity to create a career that has no limits, only amazing potential.

We are one team on one mission. We take care of our advisors, so they can take care of their clients.

Because our company is not too big and not too small, you can seize the opportunity to make a real impact. We are committed to supporting workplace equality, and we embrace the different perspectives and backgrounds of our employees.We also care for our communities, and we encourage our employees to do the same. This creates an environment in which you can do your best work.

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Join the LPL team and help us make a difference by turning life’s aspirations into financial realities. Please log in or create an account to apply to this position. Principals only. EOE.

Information on Interviews:

LPL will only communicate with a job applicant directly from an email address and will never conduct an interview online or in a chatroom forum.  During an interview, LPL will not request any form of payment from the applicant, or information regarding an applicant’s bank or credit card.  Should you have any questions regarding the application process, please contact LPL’s Human Resources Solutions Center at (800) 877-7210.

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