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Sr Trust Specialist

Job ID: R-006048 Date posted: 05/15/2019 Primary Location OH-Cleveland

Senior Trust Specialist will be responsible for Onboarding Trust accounts.  Individual will assist in managing the fiduciary risk and conducting administrative and Regulation 9 reviews for all Trust accounts.  Further, the individual will provide backup administrative duties for all Insurance Trusts and also support administration and operations teams as needed, including tax processing.  Individual will assist with special projects as needed.

Essential Functions:

  • Onboarding Trust accounts.  Prepare, distribute and track appropriate documentation to open new accounts.  Perform AML screening in connection with new client onboarding.  Open accounts on Trust accounting system and LPLs system.  Work closely with prior custodian’s and trustees to facilitate transfer of information and assets.  Regularly update Trust Officers and Investment Officers on status of opening and funding.  Track and complete workflows.  Monitor accounts from acceptance through funding, escalating issues as necessary.  35%
  • Assist in the preparation of Administrative and Regulation 9 reviews.  Review investment policies, account performance, cash liquidity needs, historical or prospective changes in client situations or activities, etc.  Identify fiduciary issues of risk.  30%
  • Collaborate with trust officers, trust specialists, advisors, and investment officer to resolve administrative and investment issues as well as a high degree of interaction across teams and professionals (internal and external). 10%
  • Provide administrative support for Insurance Trusts.  Mail appropriate notices (ie Gift, Crummey) and ensure that the annual premium is paid.  10%
  • Tax Processing. Provide support for quality control of tax returns.  Individual assists with collection and ensuring accuracy of K-1s and 1099s. 10%

Other Job Duties: 5%

  • Review and make recommendations for revisions and/or create additional policies and procedures.
  • Critically think about risks and/or gaps in internal controls as regards activities of PTC
  • Participate in meetings as necessary.

Job Requirements:

  • Minimum Education Required:  undergraduate degree - Business degree preferred
  • Minimum Experience Required: (including years of experience) at least 3 to 5 years’ experience in the trust, compliance, or investment fields.  Progress towards completion of Cannon trust schools I, II, II or equivalent knowledge from other industry training.
  • Licenses/Certifications Required/Preferred: n/a
  • Software/Systems Skills Required/Preferred: Strong Microsoft Office and general computer skills

Additional information:

This individual will interact directly with other staff and financial advisors to facilitate and execute proper fiduciary compliance functions.

List any Soft Skills required for the position:

Knowledge and experience in bank compliance, trust accounting, investments and trust regulations such as principal and income accounting laws is critical.   The candidate must be extremely detail-oriented, organized and focused on accuracy.  Incumbent must possess strong communication, interpersonal, project and time management, listening, technical, and analytical/problem solving skills, critical thinking as well as the ability to use judgment.

About LPL Financial:

LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker/dealer*. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions. LPL and its affiliates have more than 3,700 employees with primary offices in Boston, Charlotte, and San Diego.

Our Culture:

If you join LPL, you will join a culture that believes in delivering a world-class client experience and looks to all employees to contribute to that goal by sharing their creativity, experience, and passion for continuous improvement. As a destination of choice, our top priorities are growth and development, social responsibility, and financial health for our employees. 

We offer competitive compensation and industry leading benefits, including a wellness facility with onsite fitness classes, healthy meal choices, and a walk-in clinic. We support employee financial health through a 401k match, ESPP, and employee discounts. Work/life balance is our foundation and is supported through paid holidays, and paid time off (including time to volunteer). We foster a diverse work environment through Employee Resource Groups and diverse strategic partnerships.  

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

*As reported by Financial Planning magazine, June 1996-2017, based on total revenue.

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