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Trust Administrator

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CIBC

Sep 14, 2024

  • Job
    Full-time
    Junior & Mid Level
  • Customer Relations
    Banking & Finance
  • Quick Apply

AI generated summary

  • You need 2-3+ years in estate/trust admin, a Bachelor’s degree, strong client service skills, attention to detail, and proficiency in trust accounting systems and MS Office.
  • You will manage trust accounts, prepare distributions, maintain client files, monitor account information, coordinate with teams, handle tax matters, and respond to client inquiries.

Requirements

  • 2-3+ years of experience in estate and trust administration, preferably at a financial institution.
  • Bachelor's Degree required.
  • CTFA, JD or other industry certification preferred.
  • Firm understanding of accepted trust and estate administration processes, timelines and concepts.
  • Outstanding client service skills, including proactive communication and problem solving.
  • Must be detail oriented.
  • Must be comfortable reading and interpreting trust documents and wills.
  • Excellent written and verbal communication.
  • Strong computer skills including proficiency with trust accounting systems and MS Office.
  • Experience working directly with high net worth clients.
  • Able to work independently as well as in a team environment; ability to build collaborative working relationships with Senior Trust Advisor, Relationship Managers, Client Service Managers and Private Bankers.

Responsibilities

  • Provide trust administration for an assigned group of high net worth accounts, including preparation of discretionary distribution memos and managing calendar ticklers for relevant trust administration events such as mandatory distributions, 65 day elections, Crummey notices and age of attainment.
  • Maintain accurate client files with all trust documents and client related information.
  • On-going monitoring and maintenance of trust account and beneficiary information in trust accounting system.
  • Partner with Relationship Managers, client service managers and the Senior Trust Advisor to provide trust administration support to an assigned book of accounts.
  • Identify actual or potential fiduciary risks and proactively engage Senior Trust Advisor or other internal resources, as appropriate.
  • Coordinate tax estimates, tax payments and relevant information with Fiduciary Tax Team.
  • Complete Reg. 9 annual administrative reviews.
  • Complete requests for committee meetings (e.g. discretionary distributions).
  • Adhere to all policies and procedures and help promote a compliance-minded culture.
  • Coordinate fiduciary account openings, including the review and interpretation of governing documents and applicable state laws to ensure accurate and complete account setup.
  • Coordinate trust administration work flow with front office teams and Operations and Centers of Excellence.
  • Coordinate and monitor fiduciary account closings, including the gathering/distributing of assets and other related tasks, with Operations and Centers of Excellence.
  • Collaborate with internal tax team to determine tax filings, and ensure all filings are timely.
  • Respond to client inquiries timely and thoughtfully.
  • Assist relationship managers and client-facing personnel with trust-related questions and inquiries.

FAQs

What is the role of a Trust Administrator at CIBC?

The Trust Administrator is responsible for managing and administering all aspects of an assigned book of trust accounts, providing support to the Senior Trust Advisor and collaborating with front office teams.

What qualifications are required for the Trust Administrator position?

A Bachelor's Degree is required, along with 2-3+ years of experience in estate and trust administration. Certifications such as CTFA or JD are preferred.

What are the key responsibilities of a Trust Administrator?

Key responsibilities include providing trust administration for high net worth accounts, maintaining accurate client files, monitoring trust account information, coordinating with teams, and addressing client inquiries.

Is experience with high net worth clients necessary for this role?

Yes, experience working directly with high net worth clients is preferred.

What skills are essential for success in this position?

Essential skills include strong client service abilities, attention to detail, excellent communication skills, proficiency with trust accounting systems, and the ability to work both independently and in a team.

What is the expected salary range for this position in California?

The expected salary range for the Trust Administrator role is $100,000 - $120,000 based on experience, qualifications, and location.

Does CIBC offer benefits to employees in this role?

Yes, CIBC offers a full range of benefits including Medical, Dental, Vision, Life Insurance, paid time off, a 401(k), and additional perks.

How does CIBC promote a culture of compliance?

The role involves adhering to policies and procedures to help promote a compliance-minded culture, identifying risks, and engaging with management as appropriate.

Will I need to coordinate with any internal teams for tax purposes?

Yes, the Trust Administrator will coordinate tax estimates and payments with the Fiduciary Tax Team and ensure timely tax filings.

What opportunities for professional growth does CIBC offer?

CIBC prioritizes employee goals, offering personalized recognition, development initiatives, and a Purpose Day for personal growth and development.

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CIBC

Ambitions Made Real

Finance
Industry
10,001+
Employees
1961
Founded Year

Mission & Purpose

The Canadian Imperial Bank of Commerce (CIBC) is a major financial institution that provides a wide range of banking and financial services. CIBC's ultimate mission is to be a leading, innovative financial institution that helps clients achieve their financial goals. The bank's purpose is rooted in delivering trusted advice and exceptional service to individuals, businesses, and communities. CIBC is committed to fostering economic growth, supporting financial well-being, and contributing to the overall prosperity of its clients and the regions it serves. With a focus on integrity and customer satisfaction, CIBC plays a vital role in the Canadian and international financial landscape, offering solutions that span banking, wealth management, and capital markets to meet the diverse needs of its stakeholders.

Benefits

  • Financial health

    Rewards and resources to support your short and long-term financial goals. At a glance: 50% employee share matching plan, Employee Banking Offer including free banking services, credit cards and more, Defined Benefit Pension Plan that provides you with a secure retirement for life

  • Mental health

    Resources to support your mental health and increase your resiliency. At a glance: Mental health therapy covered at 100% and $5,000 per person per year, Online and in-person counselling, Shareable mental health video library, Mindfulness education and practice tools