Lead Trust Officer

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First State Trust Company (FSTC) is a Delaware state-chartered trust company headquartered in Wilmington, Delaware with a representative office in West Palm Beach, Florida. FSTC is growing rapidly. This position is a new addition to staff located in Wilmington, Delaware.

Since 1982, FSTC has been providing corporate trust, custody, and administration services to trust clients. Formerly known as Citi Institutional Trust Company and dating back to its roots as E.F. Hutton Trust Company, FSTC has concentrated its focus on strategic alliances with world-class financial service firms. Our strategic alliances allow clients to take advantage of FSTCs independent professional trust administration services, combined with the investment management services of their chosen provider.

FSTC is affiliated with the Fi-Tek Group, a financial technology company providing innovative products and solutions to banks, trust & wealth management institutions, RIAs, Family Offices, Hedge Funds and Hedge Fund Administrators. Fi-Teks innovative and cutting- edge solutions enable its financial institutions to service over one trillion dollars in assets across various wealth management market segments. Fi-Tek has locations in New Jersey, New York, Pennsylvania, and India.

Position Responsibilities

FSTC is looking for a Lead Trust Officer (LTO) on the Personal Trust Team. The LTO will lead a team of Trust Officers and Trust Administrators within the group and take a lead role in managing projects of broad scope and complexity. In addition, the LTO will provide high-quality service and solutions to our clients. This position will also administer a book of accounts and develop and maintain relationships with financial advisors, investment advisors, trust clients, trust beneficiaries, and other interested parties. The LTO will ensure compliance with all company policies and procedures, as well as all applicable state and federal banking regulations in the context of their responsibilities. Must demonstrate proper effort, attitude, and discipline to work in a growing and fast-paced company.

Trust Administration

Lead a team of Trust Officers and Trust Administrators.

Be first level of escalation for Trust Officers and Trust Administrators to support client service, complex issues, and guidance.

Responsible for all aspects of trust administration, including quality checking of new account setup, annual reviews, and ongoing relationship management.

Manage a book of accounts in accordance with governing documents, FSTC policies and applicable laws.

Ensure receipt of proper documentation for new account openings and account terminations.

Review and analyze legal and new account documents to ensure FSTC is aware of all requirements prior to presentation to the New Business and Discretionary Distribution Committee and final acceptance.

Regular review of accounts to ensure proper categorization of cash (principal and income), cost basis, tax reporting and all other aspects of each trust.

Work with Tax Director to resolve tax and other trust issues.

Plans, assigns, monitors and manages the work of others.

Coaches and mentors subordinates.

Facilitate collaborative teamwork to provide superior client service.

Fiduciary Expertise

Perform a review of potential new business.

Expertise in fiduciary law, investment, tax, and other aspects of trusts.

Participate in New Business and Discretionary Distribution Committee meetings.

Apply sound fiduciary judgment to trust matters.

Advise and provide guidance to other personnel on fiduciary issues.

Mitigate risk of FSTC and the assigned trusts.

Understanding of Delaware trust statutes.

Client Management

Work with the Relationship Manager and New Business Group to retain and expand existing client relationships.

Support Sales with new client relationships.

Anticipate client needs and advise accordingly.

Meet with clients via telephone or in-person, as required.

Work closely with Investment personnel to support trust requirements.

Interacts with the relationship manager, Financial Advisors and clients in defining goals and objectives, working along with the investment officer to establish the appropriate asset allocation and to review and approve portfolio changes in trust involving more complex situations and/or assets.

Monitor fee schedules to ensure that fees charged are in agreement with governing documents.

Knowledge & Qualifications

Bachelors degree and 10 years minimum personal trust administration experience.

CTFA and JD a plus.

Demonstrate efficiency and flexibility in performing detailed transactional tasks and assignments with frequently changing priorities and deadlines in a fast-paced work environment. Provide efficient service to internal partners and external clients.

Identify training needs and coach/mentor junior staff.

Partner with other functional areas to accomplish objectives.

Attend to details while maintaining a big picture orientation.

Understanding of various types of investments and strategies.

Gather information, identify linkages and trends and apply findings to assignments.

Interpret and apply policies and identify and recommend changes as appropriate.

Work independently, make non-routine decisions and resolve complex problems.

Communicate effectively, both orally and in writing, with all organizational levels.

Ability to organize, prioritize and meet deadlines.

Active involvement in related professional organizations.

Exceptional verbal and written communication skills.

Seniority level

• Seniority level

  Director

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

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