Trust and Estate Associate

Bank of America - Pennington, NJ (30+ days ago)3.8


Job Description:
Business Overview

U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients' wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial products and services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.

U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. U.S. Trust employs more than 4,100 professionals and maintains 135 offices in 33 states.

Merrill Lynch Global Wealth and Retirement Services (“GWRS”) provides a comprehensive set of investment products and services, as well as retirement solutions, to the company’s clients and financial advisors globally. GWRS provides the products, tools and content that enables our advisors to help their clients meet their goals while building lasting, productive relationships

Job Description

The Trust and Estate Associate (TEA) role, at this core, is the trust new business coordinator for ADG. After the Trust Specialist/Trust Interns Specialist have the commitment from the client, their legal advisor and the FA to proceed with the trust strategy, the TEA takes over. Responsible for the coordination of all new business submissions and must be conversant in various capacity issues such as Trustee vs. Agent as well as Executor.

Able to interpret complex legal documents to identify appropriate parties i.e. trustee, grantor, beneficiary and executor. Work with the client_x001A_s personal legal counsel to convey MLTC specific required legal language to be incorporated into the trust agreement.
Work with the predecessor trustees to obtain tax returns, account statements, amendments etc.
Obtain the necessary approvals on investment platforms spanning Consults, UMA, PIA, ETFs, Blackrock, MFs. Coordinate complex funding strategies (restricted stock) as well as exception diversification plans. Obtain necessary documentation and required approvals for the funding trusts with unique assets i.e. real estate, LLC/LPs.
Prepare all new account paperwork for the various types of trust business, investment platforms etc.
Prepare the Trust specialist checklist, the Fee analyzer. The Fee concession form if applicable, the Fee Set-up form which can be very complicated because one relationship can span multiple investment platforms, LOAs. ATF, generating LMA docs once the acct has been established.
Generate pitch books for client meetings, sending marketing information to FAs as requested.
This is a mid-level administrative support role within a sales team, whose common goal is to provide Financial Advisors (FAs) with appropriate trust solutions in a timely and compliant manner and meanwhile attaining sales goals.


Regularly communicate and partner with assigned Trust Specialist, Internal Trust Specialist, Regional Fiduciary Officer (RFO), Investment Oversight and Operations.
Business Processing

Review client documents to determine the nature of case, red flags, etc.
Understand pricing model and parameters around discounting
Prepare paperwork for client signatures
Process paperwork after client signatures are obtained
Ensure handoff from Trust Specialist / Internal Trust Specialist (ITS) to Trust Officer (TO)
Act as point person on follow-up between Administration and FAs for outstanding new account documents

Phone Coverage and Field FA/Client Associate (CA)/Attorney/Client Questions

Process future fee business
Generate Pitchbooks and Proposals as requested by Sales Team
Deliver CA Training on Opportunities and new account onboarding process

Manage office supplies and marketing materials
Maintain Trust Specialist schedule
Execute Trust Specialist travel arrangements
Generate Trust Specialist travel and expense reports in a timely manner
Desired Qualifications

Bachelor’s Degree required; JD strongly preferred
Previous trust experience strongly preferred
Understanding of (or the willingness and ability to learn) estate planning concepts, ML Trust Company products, platforms, systems, policies and procedures
Knowledge of the underlying nature of a client's estate plan through appropriate interface with clients, financial advisors and outside legal and tax advisors
Must possess strong interpersonal skills
Strong verbal and written communication skills.
Detailed oriented, accurate, well organized and possess a strong sense of urgency.

1st shift (United States of America)

Hours Per Week: