J.P. Morgan Private Bank
Trust Administrator - Associate/Vice President
J.P. Morgan is a global leader in asset and wealth management services. We serve four distinct client groups through two businesses: institutions and retail clients through J.P. Morgan Asset Management; and high and ultra high net worth clients through the Private Bank. With assets under supervision of $1.7 trillion and assets under management of $1.2 trillion, we are one of the largest asset and wealth managers in the world.
J.P. Morgan Private Bank, which includes both the High Net Worth and Ultra High Net Worth businesses, offers individuals and families personalized, comprehensive financial solutions that integrate sophisticated investment management, capital markets, trust and banking capabilities and was recognized in February 2010 by Euromoney as the #1 Private Bank for High Net Worth and Ultra High Net Worth individuals in the United States. We have more than 1,800 client advisors in 120 offices in 11 countries and 25 states.
When JPMorgan is appointed as corporate trustee of a trust, whether created by a client during his lifetime or upon his death through a provision in his will, it is a Trust Officer’s role to oversee the administration of the trust. The Trust Administrative Officer works under the supervision of the Trust Officer in the administration of the accounts. The Trust Administrative Officer is expected to have or develop the skills to provide leverage and back-up coverage for the Trust Officer with whom the Trust Administrative Officer works.
Three broadly defined tasks which a Trust Administrative Officer performs are:
- Execution and risk management; interpret and apply terms of trust to administration of account taking into consideration legal, tax, administrative and investment issues, as well as applicable policies and procedures. Understanding of internal practices and procedures. Coordinate delivery of services
- Build relationships with grantors, beneficiaries, remaindermen, co-trustees, attorneys and other professional advisors to provide superior service and advice
- Participation in educational and administrative activities
Execution and Risk Management
- Work with the Account Opening Group to open trust accounts. Interpret the governing instrument and applicable law to ensure the proper set-up of account records, including payments, fee schedules and tax records. Communicate with beneficiaries and co-trustees to outline administrative procedures
- Respond to client issues, anticipate client needs, and prepare for and participate in client meetings with the Trust Officer
- Work with the Tax Department and counsel on income, gift, estate, and generation skipping taxes for the trust/estate and its beneficiaries
- Respond to requests from beneficiaries for discretionary distributions. Prepare memoranda supporting recommendation regarding how the Bank shall exercise discretionary powers it has as trustee. Confer with co-trustee (if any) to obtain his/her approval. Coordinate with Trust Officer on the communication of the decision to client and follow-up action on the request as necessary
- Handle ongoing day to day administration of account, and proactively manage account base in an effort to avoid and minimize service and operational issues. Oversee the work performed by various operational groups. Identify risk that might be incurred in connection with a trust, consistent with any applicable policies and procedures governing the risk in question. Utilize risk management tools, such as the overdraft report, daily transaction report, Administrative Review, and the AAR Variance Report to ensure that all exceptions are properly addressed and kept to a minimum
- Communicate with Investors regarding investment matters and liquidity needs
- Handle departmental projects relating to accounts and special assets. Participate on various committees as needed
When the trust terminates the account is transferred to the Trust Settlement group. The Trust Administrative Officer is responsible for ensuring appropriate steps are taken to minimize risk, including canceling payments and statements, where appropriate
Building Client Relationships
Trust Administrative Officers must actively participate with the Trust Officer in dealings with interested parties and develop relationships with income beneficiaries, co-trustees and intermediaries in order to have appropriate knowledge to carry out the grantor’s purposes and meet the needs of the beneficiaries
The specialized and ever changing nature of the Trust practice requires that Trust Administrative Officers devote time to personal development and training. Training at JPMorgan includes internal sessions covering systems changes, practices and procedures, Q & A sessions offered to facilitate understanding of our environment and sessions on technical, legal, tax and regulatory developments.
• Bachelor's degree required.
• A minimum of 1-3 years experience in the trust and estates industry
• Advanced degree such as JD, industry certification such as CTFA or paralegal certificate, with paralegal experience in trust and estates practice preferred.
• Experience in the administration and support of trusts including general understanding of fiduciary products and concepts, including legal, tax and investments knowledge
• Problem Solving/Risk Management – takes initiative, decisive, accountable, exhibits critical analysis and judgment
• Client Servicing – client knowledge, client relationships, proactive communication
• Teamwork/Personal Effectiveness – clear and concise communication, time management, adaptability to delegate, coaching and training • Cross Selling and Retention skills
• Strong computer skills including proficiency with trust accounting systems
• Experience with JPMorgan fiduciary platform a plus