Wealth Management And Advisory Services Chief Fiduciary Officer

The Washington Trust Bank Spokane , WA 99201

Posted 2 months ago

Washington Trust brings more than 100 years of investment management, estate settlement and trust administrative expertise to individuals, families, companies and organizations throughout the Pacific Northwest. We have $5.6 billion in total assets under management ($4.9 billion under administration, and $725 million in brokerage), and with growth in managed assets of 8% year over year. We are sought out by our clients and their professional advisors for stability, expertise and unparalleled client service levels.

Growth on our team has created the opportunity for a Chief Fiduciary Officer to join Washington Trust. This individual will be responsible and accountable for the support of strong fiduciary management oversight initiatives and action plans for the WM&AS division to include oversight of fiduciary laws and appropriate practices and policies, taxation including tax planning and advice, unique asset management, legal and regulatory aspects of marketing, acts as in house advisor for all Trust and Wealth Management business lines and a technical resource for the business lines.

ESSENTIAL FUNCTIONS

Fiduciary Management:

  • Assesses, controls, monitors, remediates, and documents risk related to:

  • Account opening, review and closing processes,

  • Discretionary distributions,

  • Outsourced vendor management and vendor compliance management,

  • Oversight of life insurance policy reviews and compliance,

  • Watch List monitoring by ensuring adequate logging of issues, updates, and status in order to assess risk related to the watch list.

  • Works with Risk Management Office, insuring compliance with policy, fiduciary laws, regulations and regulatory guidance

  • Acts as resource/counsel to senior management with respect to fiduciary/risk/legal aspects of strategic planning and business line initiatives.

  • Establishes best practices and templates for client communication related to fiduciary issues, trust purpose, investments, and distributions, in conformity with established rules, regulations and laws.

  • Coordinates activities and usage of outside counsel in coordination with WTB General Counsel as needed.

  • Provides management and oversight of actual and potential legal and fiduciary liability issues.

  • Coordinates regulatory compliance activities

Tax Administration:

  • Provides oversite in areas of fiduciary taxation, including estate taxation, generation skipping transfer (GSTT) tax, charitable and state tax.

  • Assists in developing sophisticated guidance and tax planning strategies for clients to help minimize tax liabilities, maximize cash flow and reach financial goals.

  • Responsible for vendor management and oversight of tax related third party service providers, tax preparation vendors, and other utilized tax services professionals.

Real Estate and Unique Assets Management:

  • Oversees WMAS Real Estate and Unique Assets Management Team to include oversight of policy procedure and guidance for :

  • Management and administration of real estate interests held by WMAS in a fiduciary capacity.

  • Management and administration of non-real estate unique assets held by WMAS in a fiduciary capacity.

  • Administration of the department's real estate and unique assets insurance coverage,

  • Review of real estate and unique assets in the funding of new accounts and recommendation of holding vs. liquidation when marshaling assets for new clients.

  • Oversees administration of Unique Assets including procedure for :

  • Acceptance

  • Documentation of asset (Background, history, authority to hold, etc.)

  • Valuation

  • Yield calculations

  • Investment policy (and documentation) for Non-Marketable Assets

  • Recommendation for management of holding/selling

  • Document the action plan

  • Oversees insurance coverage and other risk mitigation strategies.

Related Functions:

  • Participates in audit and exam activities.

  • Participates in audit and exam remediation activities.

  • Assists in responding to material customer complaints as needed.

  • Provides fiduciary related business line and industry perspectives, best practices, etc. as needed or requested to assist department and business line managers.

  • Acts as a resource to address difficult issues and work out account administration and operational problems as needed.

  • Provides project management and leadership for key department projects.

  • Chairs the Trust Administrative Committee.

  • Chairs the Risk Acceptance Committee and Risk Management Committee.

  • Develops and maintains the division's Disaster Recovery Plan.

  • Performs compliance and risk management duties as required or assigned.

  • Regular, reliable attendance is required.

REQUIREMENTS

  • Bachelor's degree in Business Administration or related field with additional professional certification and/or advanced degree preferred (CFIRS, CRCM,CPA, JD, MBA, etc.).

  • Expert knowledge of trust laws, tax preparation, regulations, procedures, techniques and other legal and regulatory guidance with particular focus on fiduciary matters.

  • 10+ years of progressively responsible trust leadership related experience, including demonstrated proficiency with fiduciary matters and trust oversight.

  • Extensive knowledge of multi-state fiduciary statutes.

  • Maintains a high level of risk analysis skills.

  • Excellent communication skills, both verbal and written, including writing, document research efforts, recommendations, policies, inventories and profiles, processes, and procedures, including updates or modifications.

  • Outstanding interpersonal skills; ability to collaborate with and work effectively with diverse groups of people in both large and small group environments with experience leading meetings and discussions.

  • Exhibits the ability to explain complex technical issues in layperson's terms to effectively present information and respond to questions from executives, peers and internal customers.

  • Superior time management and organizational skills; ability to coordinate own work and work of others to keep projects on task.

  • Able to exercise discretion and maintain confidentiality.

  • Well-developed problem solving abilities with demonstrated ability to work independently, communicate effectively, work well with others, exercise sound judgment and display initiative and innovation on the job.

  • Must have a commitment to high standards of professionalism, integrity and delivery.

  • Demonstrated proficiency with various MS Office and other software applications, including spreadsheets, word processing, database, email, networking, and Internet applications.

  • Must be able to occasionally attend meetings, seminars and other functions outside of regular business hours.

MENTAL DEMANDS

  • Ability to independently function efficiently and effectively under demanding and continual deadlines while maintaining a professional demeanor; excellent time and stress management skills.

  • High level of written and verbal comprehension, articulating complex ideas clearly and communicating effectively.

  • Mental agility to evaluate, calculate and interpret complex information and situations simultaneously.

  • Ability to prioritize assignments and handle multiple priorities while maintaining a high level of service and production.

PHYSICAL DEMANDS

  • Ability to function efficiently and effectively within a general office environment with the ability to use personal computers effectively and extensively, reading screens and operating keyboards.

  • Ability to communicate effectively by telephone and in person, hearing and

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Wealth Management And Advisory Services Chief Fiduciary Officer

The Washington Trust Bank