Supports the Lead Relationship Managers (LRMs) for high net worth (HNW) wealth management team to manage and coordinate the daily administration of client investment and trust accounts. Generally responsible for initiating a range of account activity (including broad cash management), monitoring client records to ensure accuracy and compliance, and directly responding to client inquiries. Assist LRMs in preparing for client meetings, participating in client meetings, and in new business development efforts.
1. Coordinates the daily account administration for personal trust and investment management clients. Monitors situations to ensure prompt action.
2. Communicates information on aspects of a client relationship to other functional teams, to coordinate daily client activity, oversees transaction processing, handles inquiry resolution, and obtains appropriate documentation.
3. Maintains ongoing communication with clients and explores and identifies opportunities to provide improvements in processes or additional services. Participates in client meetings.
4. Responsible for account setup, overseeing of account distribution, documentation of both discretionary payments and client account reviews. Oversees preparation of client meeting presentation packages.
5. Documents services provided, specialized procedures, and ongoing written communications with client as appropriate in managing daily activity.
6. Maintains an understanding of relevant tax laws and legal requirements applicable to trust administration in order to assist in resolving client issues as they relate to the trust agreement.
7. Maintains an understanding of the investment process and the bank's basic investment style and procedures. Relates these to each account situation and coordinates with portfolio managers as necessary.
8. Oversees assigned accounts with an understanding of both fiduciary concepts and individual client circumstances.
9. Assists relationship manager in the expansion of relationship base according to new business goals through additions to existing accounts, upgrades of current relationships, identification of cross-marketing opportunities, and participation in business development.
10. Develops and maintains a working knowledge of various business applications critical to trust administration.
• Candidate should have excellent oral and written communication, organizational, and relationship skills.
• Ability to take ownership of detailed tasks and follow through to completion is critical.
• Candidate must be able to work independently and with teams, depending on the situation.
• A basic understanding of private client wealth management and the desire to learn more complex investment and financial planning services is key to success.
• Ideal candidates should have a minimum of 2 years' experience in trust administration or private client wealth management, but such experience is not required.
• Strong analytical, and accounting skills are required to oversee client transactions, identify and resolve account issues and to ensure the accurate delivery and tracking of client services.
• Strong technical skills and attention to detail are needed.
• Interest in CFP or related advanced degrees a plus.
About The Northern Trust Institute
The Northern Trust Institute is a research center dedicated to advising high and ultra-high net worth individuals and families. More than 175 experts collaborate across more than 40 areas of expertise to analyze behavioral patterns and identify the strategies that have been most effective for our clients - bringing the breadth and depth of our firm to each unique situation. The resulting insights position you to take action with confidence and achieve optimal outcomes with your wealth.
About Northern Trust Wealth Management
Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise, with $351.4 billion in assets under management as of December 31, 2022. The Northern Trust Company is an Equal Housing Lender. Member FDIC.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2022, Northern Trust had assets under custody/administration of US$13.6 trillion, and assets under management of US$1.2 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Follow us on Twitter @NorthernTrust and on LinkedIn.