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AVP, Trust Officer

Job ID: R-014926 Date posted: 06/07/2021 Primary Location OH-Cleveland

The Assistant Vice President, Trust Officer will be part of our innovative, entrepreneurial, high-performing team helping advisors be highly competitive in the industry and poised to help them grow by delivering independent financial advice. 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 partnering with independent financial advisors in administering trust accounts for clients and advisors. This role is responsible for all administrative, compliance and investment matters related to an assigned book of group of client accounts. 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.

Success in this position would lead to higher overall advocacy (adoption) and increase retention by not only removing negative factors but also delivering service beyond expectation levels that yield positive customer responses while also executing the fiduciary duties and discretionary decision-making integrity of a corporate trustee.

The Candidate is expected to be a leader within the firm and will have responsibility for the oversight and administration of fiduciary and non-fiduciary relationships. Accounts range in size from small and fairly simple agency or trust relationships to more complex, high net worth or sensitive relationships, as well as Trusteed IRA and rollover business.

What will you do?

  • 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.

  • Understand legal issues arising from trust documents and account administration including managing all types of illiquid assets from trust administration, estate and tax, or trust settlement matters.

  • 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 a trust’s short term and long term 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 or periodic 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

What are we looking for?

We want a high energy, outside of the box thinker with a thorough technical knowledge of trust and estate administration skills and fiduciary knowledge. The VP, Head of Trust Administration will have a unique ability to understand and simplify the complexity of trust administration, the regulatory environments in which it operates, and the trade-offs in balancing short-term and long-term financial needs of clients. We are looking for people with strong communication, organizational, critical thinking and customer service skills who see the power in cultivating strong relationships that allow our clients and firm to thrive.

What skills, experiences, and education are required?

  • Minimum 8 years of extensive experience working in the trust and wealth management industry. 

  • A J.D. (law degree) or CTFA would be looked upon favorably. 

  • Ability to create a sense of mission and ability to mentor the professional development of others within a cohesive and team oriented work environment.

  • Desire to be part of an entrepreneurial team and an ability to succeed within a dynamic, fast-paced environment, grounded in tangible results.

  • Team-player with a positive can-do attitude, with an ability to both contribute as an individual and collaborate in a motivated, high performing team of employees.

  • Solid verbal and written communication skills with active listening, diplomacy and tact, to articulate an effective, concise and impactful message or story at the right altitude to a variety of internal and external audiences.  

  • Experience partnering with cross-functional teams and business leaders to manage, execute and implement strategies that you designed.

  • Strong familiarity with the MS Office suite and Salesforce.

  • Ability to travel as needed (approx. 10-15% of time post COVID).

  • The preferred candidate will be local to the PTC corporate office in Cleveland.

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 @lplfinancial.com 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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