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VP, Head of Trust Administration and Trust Officer

Job ID: R-014926 Date posted: 07/21/2021 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. 

Job Overview

The Vice President, Head of Trust Administration 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. The Private Trust Company has a corporate value of creating a 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 developing the overarching client service agenda, strategies and underlying capabilities that will drive both behavioral and attitudinal loyalty among all clients and advisors, including high-net-worth accounts.

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. This individual is expected to utilize feedback and analytics to monitor the department and redesign processes that drive efficient and accurate service delivery as well as thorough and compliant fiduciary oversight.

The Candidate is expected to be a leader within the firm and will participate in strategic discussions and senior management meetings.  This individual will be responsible for developing and implementing strategic plans to manage all aspects of the trust administration service levels including staffing, client retention and satisfaction, and executing the relationship management and discretionary fiduciary responsibilities by providing guidance and counsel to a dedicated and professional group of personal trust administrators who 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, trust & estate settlements, or sensitive relationships, as well as Trusteed IRA and rollover business.

In addition to the managerial and leadership responsibilities, the Candidate will manage a smaller book of client accounts and perform trust administration functions by interacting directly with clients and advisors, providing relationship management and working with the assistance of other Trust Administrators. 

Responsibilities:

  • Design departmental business plans for execution towards corporate goals
  • Engage teams to drive client results with available resources and innovation.
  • Significant project management and cross-department collaboration in developing and leading new initiatives to enhance the client and employee experiences, including process work, technology enhancements, relationship segmentation, and improvement efforts to increase optimal client experience and aid client retention
  • 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.
  • Participate with Trust Acceptance, Administration, or Investment Committees on all trust account acceptances and complex trust administration, account distribution, and legal decisions. 
  • Facilitate complex transactions initiated by clients.  Items may include the managing and sales of real property, payroll of household employees, analyzing budgets, cash flow analysis, transactions with clients’ small business, tax and legal matters, handling communications with accountant and attorneys, etc.
  • Coordinate the review of 1099, 1041 and other relevant tax reporting.  Work with accountants to ensure timely filings and taxes paid.
  • Oversee the process for collecting and creating disbursement requests while ensuring adequate documentation.  Apply judgment on discretionary distributions.  Prepare documentation and participate in Trust Administration Committee review of requests for discretionary distributions where required.
  • Provide oversight and information to various teams ensuring satisfactory Reg. 9 reviews, audits, compliance, and regulatory exam results over the trust administration functions. 
  • Work closely with colleagues across PTC and LPL, providing compliance and legal oversight with various business groups on problematic accounts; acting as a fiduciary resource for the business unit to answer questions, review documents, negotiate fees, and approve discretionary distributions.

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, the trade-offs in balancing short-term and long-term financial needs of clients while creating the ecosystem required for outstanding support.  Strong leadership skills are expected to engage teams, drive customer and advisor satisfaction and retention.  We are looking for people with strong organizational leadership, critical thinking and analytical skills who see the power in creating teams that allow our clients and firm to thrive.

Requirements:

  • Minimum 10 years of extensive experience working in the trust and wealth management industry.  An ideal candidate would have 5+ years of supervisory experience leading teams that included other trust officers.
  • A J.D. (law degree) or CTFA would be looked upon favorably. 
  • Level of business acumen sufficient to make appropriate and difficult decisions and articulate with ease to inspire others. 
  • 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.
  • Superior analytical skills with an ability to identify relevant data, evaluate business opportunities within the context of a larger organization and present findings in a clear and actionable manner
  • Team-player with a positive can-do attitude, with an ability to both contribute as an individual and develop 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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