Trust Support Specialist

Trust Support Specialist

A Trust Support Specialist works collaboratively with Trust Officers to assist in investment management and administering fiduciary and other trust services accounts. Excellent communication, time management, and attention to detail are critical for this role. The Trust Support Specialist has many responsibilities for accounting, audits, compliance, reconciliations, and tax reporting.

Essential Duties and Responsibilities

Onboard accounts by working with clients, their professional advisors, and the legal department with thorough knowledge of governing documents and accounts agreements. Client-focused service as one of the primary contacts for client requests and questions. Proactive client contact through written and verbal communication. Track the account opening process with the completion of the account opening checklist, which includes coordinating asset transfers, legal documentation for beneficiaries, compliance and BSA reporting and populating the appropriate fields on the trust accounting system for each account.

Supports Trust Officer in administering accounts with monitoring of cash balances, overdrafts, transaction postings and auditing, discretionary distributions, asset transfers, annual income balancing, completing annual reviews, tracking required minimum distributions, filing court accountings, foundation review / summary of grant requests, and tracking of grants and scholarships, and monitoring assets such as but not limited to brokerage accounts, real estate, insurance policies, and annuities. Understands the administration for the following types of accounts : agency accounts, custody accounts, estate accounts, foundation trusts, guardianships, insurance trusts, investment management accounts, irrevocable trusts, power of attorney accounts, rabbi trusts, revocable trusts, special needs trusts, etc. offered as Trust Services by FirstBank.

Coordinate the necessary tax document collection and audit documentation for accuracy in reporting, and provide information to CPAs if applicable. Assist the Trust Officer in reviewing tax returns. Track the progress of each tax return and monitor the payment of taxes and tax preparation fees.

Calculate and monitor fee collection. Prepare the fee accrual report for accounting. Prepare quarterly fee reconcilement. Ensure all invoices and fees charged to accounts are paid timely.

Preparation of Trust Master Reconciliation to reconcile all trust assets to source documents at the month-end close.

Exhibits knowledge of fiduciary duties, federal and state trust law, tax law, and prudent investor principles while seeking continued development of fiduciary and advisory skills through training and experience. Understands and complies with FirstBank's fiduciary standards and practices and applies fiduciary knowledge and judgment to fiduciary relationships.

Support the Senior Trust Officer in the collection of audit request materials.

Provides the BSA / Compliance department with all necessary reporting timely.

Review and process invoices to accounts payable for approval by the Senior Trust Officer. Assist in tracking all expenses for annual budgeting.

Create and update marketing materials in coordination with the marketing department.

Prepares trade analysis and calculations for review with Trust Officers.

Assists with preparation of client meeting packages and monthly / quarterly performance summaries.

Qualifications

An individual must be able to perform each essential duty satisfactorily. The requirements below represent the required knowledge, skill, and / or ability. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education and / or Experience

Bachelor's Degree in Finance, Business, Accounting, or a similar area, or 1-3 years of relative experience in a Trust Support Role.

Skills and Abilities

Strong organizational, time management, analytical and communication skills.

Familiarity with Trust Accounting software is preferred.

Proficient use of Microsoft Office software, particularly Word, Excel, PowerPoint, Outlook and Teams.

Ability to analyze issues, conduct independent research, resolve problems and escalate issues in a timely and effective manner.

Ability to multi-task, set priorities and work effectively in a deadline-driven environment.

Ability to demonstrate the highest level of ethical behavior and confidentiality and maintain confidentiality with sensitive information.

Respectful demeanor toward other associates and managers that promotes a positive and professional work environment.