MUFG Union Bank Personal Trust Officer, Vice President - San Francisco, California in San Francisco, California
Discover your opportunity with Union Bank® and become a part of one of the world’s leading financial groups. Union Bank is a member of Mitsubishi UFJ Financial Group (MUFG), the 5th largest financial group in the world with total assets of over $2.4 trillion (as ranked by SNL Financial, April 2016) and 140,000 colleagues in nearly 50 countries. In the U.S., we’re 13,000 strong, working together to positively impact every customer, organization, and community we serve. At Union Bank, we aim to be the premier and most trusted West Coast bank, serving customers with high-touch, local delivery and global capabilities as we leverage our rich, 150-year history. This is all part of our inclusive, high-performing culture supported by competitive Total Rewards, including our cash balance pension plan. Join a team that’s working to fulfill its vision to be the world’s most trusted financial group.
Responsible for the trust administration of the largest, most complex, portfolio trust accounts. Accounts are drawn from any one or more of the following categories: probate, guardianships, living and testamentary trusts, investment advisory and custody accounts, escrows and employee benefit trusts. Responsibilities include managing all accounts in accordance with applicable legal requirements and securing Bank and external professional services as appropriate to fulfill the special needs of trust clients. Responsible for maximizing the profitability of existing accounts by communicating the benefits of Bank Trust services to clients, prospects and their professional advisors. The position may also have the responsibility of supervising and developing the activities of junior trust officers.
New client Acquisition 30%:
Responsible for expanding the portfolio with new clients acquisitions.
Proactively identify the needs of the prospects and sells appropriate products and services.
Follows up on customer contacts and closes the sale of products.
Promote business development through personal contacts in the professional community.
Attempt to upgrade account relationships and encourage additions to existing accounts where appropriate.
Develops and implements marketing plan.
Trust Admin Duties: 70%:
This level is assigned the most complex accounts. Complexity is defined as: Accounts that include unusual and sophisticated tax situations and multi-family generation. Accounts assigned are considered riskier and more profitable accounts.
Responsible for managing all of the administrative and fiduciary functions of the Bank in each of the accounts assigned. The nature of these account responsibilities will vary according to the type and complexity of the account.
The position is responsible for securing the following specialized services on behalf of the account:
Securities portfolio management.
Real Estate portfolio management.
General accounting services.
Tax accounting and returns.
Paying, receiving and safekeeping.
General banking services.
Special financial reports as required by law.
In addition, the coordination and provision of outside professional services may also be the position's responsibility. These include, but are not limited to:
Tax/financial planning and CPA services.
Real property appraisal.
Personal crisis/medical consultation.
Retirement plan record keeping.
Special asset appraisal, management and disposition (including: closely-held businesses, natural resource producing property, agricultural land, collectible personal property, limited partnerships and tax shelters).
Responsible for providing quality service to each account in the positions book of accounts through a thorough knowledge of the personality of each account. This includes maintaining on-going relationships with clients, beneficiaries, trustors and related professionals connected with those accounts.
Administers all accounts according to applicable laws, regulations and policies and in accordance with trust documents to carry out the intent of the trust.
Regularly reviews all of the financial transactions in each account, and to review, monitor and ratify all cash payments and fee charges.
Responsible for being aware of areas, which may represent potential liability to the Bank, making specific recommendations to the Trust Manager.
Includes actively following pending litigation or areas of potential liability involving accounts administered by other Trust Administrators providing guidance and support as needed.
Contact and correspond with beneficiaries/principals and other interested individuals involved in the assigned accounts pursuant to guidelines established. Resolve any problem of beneficiaries/principals of routine, assigned accounts, which are sometimes of sensitive nature.
Act as investment portfolio manager for accounts invested solely in Common Trust Funds and determine investment diversification based upon investment policies and customer objectives.
Assist or draft performance reviews of subordinate staff members for supervisor's review.
Make decisions on maintenance or termination of unprofitable or marginally profitable accounts Work closely with supervisor to improve productivity and develop the ability to administer more complex accounts.
Receive discretionary distribution requests from beneficiaries of irrevocable trusts and product documentation for submission to Discretionary Sub-Committee.
Prepare required reports or information as requested by supervisor or management.
Maintain communication with trust beneficiaries, providing such personal services as are needed and appropriate.
Maintain current knowledge of trust laws, principles and regulations in general, and with regard to the specific nature of the accounts in the position's book of accounts.
Reviews, ratifies and monitors the execution of investment, real estate management and other service decisions made by portfolio, real estate and other Bank officers or outside consultants, as appropriate to each account. Develop and maintain a familiarity with the Bank's economic and investment strategies.
Typically minimum of 8 years trust administration experience.
Advanced knowledge of trust computer systems and its capabilities.
Advanced knowledge concerning trust administration, investments, real estate, cash management vehicles, Common Trust Funds, mutual funds, probate code, closely held corporations, partnerships, insurance, annuities, and tax laws as they apply to individuals and fiduciaries.
Ability to read and interpret complex trust instruments, and make decisions based upon knowledge and research.
Understanding the liabilities associated with the bank acting as a fiduciary for individuals or entities.
Computer skills including, but not limited to, word processing, spread sheet applications, and database management.
Typically requires demonstrated Trust administration experience and the demonstrated ability to apply this specific knowledge in the administration of complex accounts.
Also requires demonstrated knowledge of the principles of trust and estates, related taxation and financial planning practices and other specialized services applicable to the successful administration of a variety of accounts.
The position must be able to perceive and present the need of each account and to take responsibility for meeting those needs.
Should have the demonstrated ability to communicate successfully, both orally and in writing, with clients and co-workers throughout the organization.
Familiarity with applicable accounting functions, as well as knowledge of Bank services is also required.
Certification or Licensing Requirements: This level requires having at least one of the following: JD (Juris Doctor) CRSP (Certified Retirement Service Professional) CTCP (Certified Trust Compliance professional) CFSA (Certified Financial Service Auditor) AEP (Accredited Estate Planner) CSIP (Certified IRA Services Professional) CTFA (Certified Trust and Financial Advisor) CFP (Certified Financial Planner)
The above statements are intended to describe the general nature and level of the work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified .
We are proud to be an Equal Opportunity / Affirmative Action Employer and committed to leveraging the diverse backgrounds, perspectives, and experience of our workforce to create opportunities for our colleagues and our business. We do not discriminate in employment decisions on the basis of any protected category.
A conviction is not an absolute bar to employment. Factors such as the age of the offense, evidence of rehabilitation, seriousness of violation, and job relatedness are considered in all employment decisions. Additionally, it’s the bank’s policy to only inquire into a candidate’s criminal history after an offer has been made. Federal law prohibits banks from employing individuals who have been convicted of, or received a pretrial diversion for, certain offenses.