Trust Specialist
Milan, IL
The Trust Specialist is responsible for managing and administering trust accounts, ensuring accurate processing of transactions, and maintaining comprehensive records. This role requires strong administrative skills, attention to detail, and effective communication to support clients, attorneys, CPAs, and the trust department.
Duties and Responsibilities:
- Verify and approve invoices for payment, ensuring accuracy and compliance with client instructions.
- Ensure timely payment of client bills, including utilities, insurance premiums, property taxes, and other recurring expenses.
- Maintain detailed records of all disbursements, including dates, amounts, and payees, and reconcile discrepancies promptly.
- Set up and update client profiles in the trust management system, including contact information, account details, and payment schedules.
- Schedule and monitor recurring payments and deposits, ensuring they are processed accurately and on time.
- Reconcile DDA accounts to ensure accuracy, identify and resolve any discrepancies, and maintain detailed records of all transactions.
- Perform daily reconciliation of trust accounts, ensuring all transactions are accurately recorded and balanced.
- Process transactions such as deposits, withdrawals, transfers, and investment purchases or sales, ensuring compliance with trust agreements and policies.
- Ensure all transactions are accurately recorded in the core trust system and resolve any issues or discrepancies promptly.
- Record income receipts from various sources, including dividends, interest, rental income, and other investment returns.
- Maintain detailed records of repetitive cash receipts, including dates, amounts, sources, and account allocations, for audit purposes.
- Ensure timely and accurate posting of income to client accounts and reconcile any discrepancies promptly.
- Coordinate and send personalized birthday and holiday greetings to clients, ensuring accuracy and timeliness.
- Assist with organizing department events, meetings, and client appreciation activities, including scheduling, invitations, and coordination.
- Provide general administrative support, including filing, scanning, data entry, and maintaining office supplies and equipment.
- Manage inquiries from clients, attorneys, and CPAs promptly and professionally, providing accurate information and documentation as requested.
- Maintain confidentiality and security of client information, ensuring compliance with privacy regulations and trust agreements.
- Coordinate with other departments and external parties to gather and provide information as needed.
- Open and update accounts, ensuring all necessary documentation is complete and accurate.
- Review daily cash balances, monitor account overdrafts, and manage large money market balances, ensuring compliance with investment policies and trust agreements.
- Balance daily settlement with Trust Management Network, ensuring all transactions are accurately recorded and reconciled.
- Compile and prepare regulatory reports for submission to relevant authorities, ensuring accuracy and compliance with reporting requirements.
- Assist in the preparation of materials for committee reviews and meetings, including agendas, minutes, and supporting documents.
- Ensure all reports and packets are accurate, complete, and distributed to appropriate parties in a timely manner.
- Update and maintain client information in the CRM system, ensuring accuracy and completeness.
- Ensure all digital records are accurate, up-to-date, and securely stored, in compliance with privacy regulations and trust agreements.
- Provide training and support to staff on the use of the CRM and digital recordkeeping platform, ensuring efficient and effective use.
Position Requirements:
- Previous administrative work experience, preferably in a legal, banking, or financial services environment.
- Knowledge of fiduciary law, investments, and accounting principles, with the ability to apply this knowledge to trust administration tasks.
Required Skills:
- Excellent skills in Word, Excel, and PowerPoint, with the ability to create detailed reports, presentations, and spreadsheets.
- Effective communication skills and the ability to multi-task
- Strong organizational skills, with the ability to manage and prioritize multiple tasks efficiently.
- Attention to detail, to ensure accuracy in all aspects of trust administration and recordkeeping.
- Critical thinking skills, with the ability to identify and resolve issues promptly and effectively.
- Customer service skills, providing excellent support to clients and maintaining positive relationships.
EOE, including disability/vets
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