Settlement and Termination Officer
SETTLEMENT AND TERMINATION OFFICER
WHAT IS THE OPPORTUNITY?
Perform estate administration and manage and settle administrative trusts, which are includible in a decedent's estate for estate tax purposes. Administer closing process for all estate and personal trust accounts including testamentary and intervivos trusts, Charitable Trusts, Conservatorships, Guardianships, Life Insurance Trusts, Private Family Foundations, Special Needs Trusts, and other Agency accounts. Perform initial closing review of accounts submitted to the termination department and engage in all aspects of the account close process. Partner with all internal department colleagues in Tax, Fees, Operations, and Trust Administration as well as external clients (Beneficiaries, CPAs, Attorneys, Banker, Financial Advisor, Portfolio Manager, etc.) to ensure all closing relationships are properly approved for accurate and timely delivery of assets.
Private Banking Division
As a member of City National's Private Banking group, you will help deliver tailored financial solutions to high- and ultra-high-net-worth families, select professional services firms and select nonprofits. Exceptional, customized service and integrated solutions and strategies, investment management, trust and wealth planning set this team apart.
WHAT WILL YOU DO?
- Administer and interpret fiduciary accounts in accordance with applicable laws and regulations and the stipulations of governing documents, local law or Court Order under which authority is conferred.
- Interact with and provide guidance to Real Property Managers, CPAs and Trust Counsel, Portfolio Managers, Bankers, Investment Advisors, and other bank colleagues.
- Facilitate onboarding of new estate and administrative trust matters engaging with internal account opening partners to ensure timely and accurate account set up.
- Oversee closing administrative review of Trust accounts. Check files for correct forms, codes, review payments and transactions for accuracy. Review Trust Document to ensure documents are in compliance.
- Marshall, inventory and facilitate appraisal of assets. Calculate appropriate settlement reserves and pay settlement expenses. Interface with various government agencies and beneficiaries throughout settlement process. Review and prepare settlement agreements and trust accountings in collaboration with Office of Chief Fiduciary and outside counsel for judicial and informal terminations.
- Review and guide trust teams with termination matters subject to various legal jurisdictions offering settlement expertise. Partner with Closing Unit officer to maintain accurate logs of terminations, manage intake process and termination tracking steps. Engage with beneficiaries, external advisors and others to circulate settlement documents, confirm distribution instructions and handle asset transfers. Support reporting requirements to National Trust Administration Committee.
- Obtain missing documents from clients.
- Interface with tax department to gain tax clearance and final tax reserve and payments. Estimate taxes and allocate tax payments between principal and income, and maintain tax calendars. Communicate with Tax Vendor and external accountants.
- Gather/submit pertinent facts to the Senior Trust Advisor regarding situations requiring the use of fiduciary discretion as appropriate.
- Work with appropriate colleagues to develop investment strategies.
- Oversee distribution of client's assets upon termination of accounts. Facilitate retitling of various specialized assets including real estate, oil and gas, royalties, partnership interests, etc.
- Respond to clients, advisors, and intermediaries regarding the administration and maintenance of accounts
- Maintain a proactive commitment to established Bank programs, such as CustomerFirst, Community Reinvestment Act (CRA) and Equal Employment Opportunity.
- Comply fully with all Bank Operational and Wealth Management policies and procedures as well as all regulatory requirements (e.g. Bank Secrecy Act, Know Your Client, Community Reinvestment Act, Fair Lending Practices, Code of Conduct, etc.).
- Follow appropriate Regulation 9 process.
- Maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications.
WHAT DO YOU NEED TO SUCCEED
Must-Have*
- Bachelor's Degree
- 8 years of experience in a financial or legal services organization
Skills and Knowledge
- Bachelor's Degree
- 10 years of experience in trust administration
- Microsoft Office (Word, Excel & PowerPoint)
- JD, LLM or other legal designation/degree preferred
- Completion of Trust Certificate and/or CTFA preferred
- Strong oral and written communication skills are required. Specifically, excellent interpersonal skills with the ability to interact effectively with all levels of CNB personnel, clients and outside contacts
- The ability to profile clients with an emphasis on retain business
- Familiarity with state tax laws, income taxation with respect to trust investment management principles
- Demonstrated strategic team player
- Strong organizational skills
- Anticipate needs and proactively seek solutions
- The ability to work on multiple tasks/projects simultaneously is crucial in this position
- Must be PC literate and be familiar with trust accounting systems.
*To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.
ABOUT CITY NATIONAL
We start with a basic premise: Business is personal. Since day one we've always gone further than the competition to help our clients, colleagues and community flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today. City National is a subsidiary of Royal Bank of Canada, one of North America's leading diversified financial services companies.
City National Bank requires all colleagues to be fully vaccinated against COVID-19 to work on-site at any of our locations.
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