Trust Operations Specialist

Location
Grand Forks, North Dakota
Salary
Join our team!
Posted
May 21, 2019
Ref
AIFSO02415
Role
Other
Job Type
Long-Term
Hours
Full Time
Position Summary:

The Trust Operations Specialist also known as AIFS Operations Specialist is responsible for posting income for all AIFS account types, reconciliation of various control and deposit accounts, and common fund valuation. These responsibilities include ensuring excellent client service for internal Wealth Management (WM) advisors and associates and external clients through accuracy of data input, accuracy of processing, and adherence to specific service standards and compliance requirements.

Essential Functions:

Job Function Number 1: Process Support 60%
  • Collaborate with the custodians to ensure all income is received for a mixed portfolio of holdings. Oversee and ensure the posting to underlying accounts is completed timely, accurately and with proper coding. Serve as the point of contact for income related questions and concerns.
  • Work with custodians and investment team to ensure that all trades are sent to the custodian, and settlement occurs successfully and accurately within the trust accounting system, and is reflected in the appropriate underlying account.
  • Work with custodian and investment team to process corporate action according to established procedures and policies. This includes, but is not limited to, monitoring for applicable corporate actions, ensuring all corporate actions are responded to timely and accurately, and running appropriate transactions in the trust accounting system to underlying holders timely and accurately.
  • Utilize the trust accounting system to price/value common & collective funds on a daily or bi-weekly basis. This includes, but is not limited to, reviewing accruals within the funds, ensuring cash is received timely for open accruals, verifying trades placed and settled, and other analytics and reporting as it pertains to the valuation of funds.
  • Work with trusted vendor to ensure class action suits are filed timely and accurately for underlying clients and post resulting income to underlying accounts.
  • Oversee the delivery and receipt of assets to ensure all assets are accounted for appropriately and accurately, coded on the trust accounting system timely and accurately, and that all forms and documentation are collected and processed according to established procedures and policies.
  • Using established policies and procedures, perform date of death valuations timely and accurately by obtaining a list of assets held at time of death from the trust accounting system, determining appropriate as of death value, and posting the appropriate transactions in the trust accounting system to make the account reflect the updated value.
  • Support separately managed account (SMA) Processing.
  • Review prior year transactions for accuracy. Using the trust accounting system resolve any exceptions, then produce and mail client tax document by the IRS dictated deadline. Understand and review client fiduciary tax returns; 1098, 1099MISC's, 1099MISC RENT's. Ensure tax file is submitted to the IRS for processing by the IRS submission deadline.
  • Utilizing the trust accounting system, ensure client statements are created/generated for all accounts, ensure statement files are delivered to vendor for printing and mailing. Prepare a monthly reconciliation detailing statement production.
  • Open and close accounts in the trust accounting system using established procedures and perform account maintenance as requested by WM advisor and associates.
  • Act as the day to day contact for assigned accounts by processing cash receipts/disbursements and responding to client questions and/or concerns in a timely manner. Oversee properly coded disbursements, deliveries, and receipts by reconciling account(s) monthly and prepare related forms and documentation according to established procedures and policies.
  • Ensure that reconciliations are completed timely and accurately, as it pertains to underlying processes.

Job Function Number 2: Client Support 25%
  • Develop and maintain constructive relationships with internal and external clients by providing prompt and courteous service on all inquiries received and applying excellent verbal, written, and telephone communication skills.
  • Develop and maintain good working relationship with internal and external clients.
  • Identify and assist with the training and support for new and existing internal clients on AIFS products and services and using AIFS systems to successfully enter and process transactions.
  • Assist internal clients with product and/or process questions.
  • Ensure proper back-up coverage is in place for all tasks in department to ensure they are completed timely and accurately each day. Provide coverage for team members to ensure clients and internal bank personnel receive superior service.

Job Function Number 3: Organization, System, and industry Knowledge 15%
  • Maintain up-to-date knowledge of all systems as they pertain to the position.
  • Maintain up-to-date knowledge of banking industry as it pertains to the position.
  • Complete regulation, compliance, and addition training as assigned.
  • Participate in departmental and division meetings to learn about financials, budget, new products, system updates as well as process and regulation changes.
  • Maintain working knowledge of all Alerus Financial products as it pertains to the position.
  • Develop relationships with the appropriate Product Manager as it pertains to the position.
  • Communicate with appropriate Product Manager regarding problems with his/her product.

Position Requirements:

Qualifications:
  • Bachelor's degree in accounting, business or finance preferred or equivalent combination of education and/or related experience.
  • Excellent computer skills, proficient in Microsoft Office applications.
  • Demonstrated analytical and problem solving ability.
  • Excellent communication and client services skills.
  • Ability to work under pressure and meet time deadlines.
  • Good time management and organizational skills.
  • Ability to work independently and in team-oriented environment.
  • Ability to accept, support and implement continuous change.

Personal Characteristics:
  • Positive, client-centric attitude.
  • Self-motivated, confident and eager to take on new challenges.
  • Attention to detail with a strong commitment to quality.
  • Professional appearance and attitude.
  • Commitment to continued learning.

Physical Demands: (must be met with or without a reasonable accommodation)
  • Extended periods of time sitting at a desk and using office equipment.
  • Ability to operate a personal computer/laptop for approximately 8 hours per day.
  • Extended time is spent reviewing physical and electronic documents.
  • The employee is occasionally required to stand, walk, reach with arms and hands, climb or balance, and to stoop, kneel, crouch or crawl.
  • Vision abilities required by this job include close vision.
  • Periodically, may lift supplies and materials which weigh up to approximately 20 lbs.
  • Will spend most of time in an indoor environment.

Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.