What are the responsibilities and job description for the Trust Administrator position at Commonwealth Trust Company?
- BA/BS from an accredited 4-year college or university
- Additional certification (Paralegal certificate or CTFA) or education (Cannon or ABA
Trust School) a plus
- Three years legal and/or trust experience
- Must be detail-oriented and have excellent organization and communication skills.
- Ability to read, analyze, and interpret requirements of trust documents, directions, and
related legal documents
- Ability to write reports, business correspondence, and procedure manuals
- Strong Computer skills, Ability to use Microsoft Office
- Past experience with trust accounting software (e.g., AccuTrust, Cheetah, SEI or
SunGard) preferred
DUTIES AND RESPONSIBILITIES (including but not limited to):
- Request, receive, evaluate, and organize required documentation in connection with
- Enter initial information for trusts into the Company’s accounting software and file
- Open bank and brokerage accounts for trusts.
- Handle directions for investment transactions to be carried out for trusts.
- Handle requests or directions for distributions from trusts.
- Make payments for trust expenses, including insurance premiums, etc. and ensure all
are made in a timely manner.
- Draft and send Crummey notices and other beneficiary notices when the Company is
required to send them for trusts.
- Record transactions and other information in the Company’s accounting software for
trusts and respond promptly to suspense items and other internal inquiries with
regard to assigned trusts.
- Perform annual reviews of certain aspects of Trusts.
- Assist in the preparation of bills for the company’s services as Trustee by reviewing
billing entries in the Company’s billing records and providing a description of the
services for invoices.
- Assist with the collection of amounts owed for the Company’s services as Trustee.
- Perform Patriot Act compliance for all new and transfer trusts and the relevant parties
as well as resolve any and all exceptions found during such compliance process.
- Assist in the training of one or more Trust Administrator Assistants, as requested.
- Provide a high level of service to our clients while complying with laws and regulations
to which the Company is subject.
- Open proposed account files. Prepare document comparisons (if applicable) for review
by Trust Counsel, obtain all documentation needed for account opening, conduct
background checks as needed. Establish and maintain excellent communications with
client, their attorney and other advisors.
- Finalize documents for execution, seeing that everything needed for review by Trust
- Respond promptly and professionally to client and external inquiries.
- Maintain current knowledge of developments affecting client accounts, including legal,
tax and investment issues.
- Adhere to all operating policies and procedures and when working with support
personnel, ensure that they have done so as well.