J.P. Morgan Wealth Management - Private Foundation Services Trust Administration Associate
JPMorganChase & Co. is a leading global financial services firm with assets of morethan $2 trillion, over 260,000 employees and operations in over 60 countries.It operates across four business segments including Asset & WealthManagement, Corporate and Investment Banking Commercial Banking, Consumer andCommunity Banking.
Throughcollaboration, intellectual curiosity and creativity, you can accomplishextraordinary things at J.P. Morgan. Our people do outstanding work bypartnering with clients and each other to generate positive change in our localand global communities every single day. We are committed to your growth anddevelopment. We offer opportunities across all of our businesses that can takeyou in any direction you want to go and leaders who will support you in gettingthere.
TheJ.P. Morgan Private Bank offers high net worth individuals and familiespersonalized, comprehensive financial solutions that integrate sophisticatedinvestment management, capital markets, trusts & estates and bankingcapabilities. For over 7 consecutive years we have been voted number 1 in theU.S. for overall private banking services by Euromoney , and we havebeen specifically recognized for our succession planning, advice and trustservices.
TheGlobal Trusts & Estates Practice is an integral part of the services weoffer to clients. With over 160 years of experience in serving as acorporate fiduciary for families, it is important that our Trusts and Estatesservices are delivered by the most capable people, with technical experience aswell as the ability to interact well with a variety of types of families andindividuals.
ThePrivate Foundations Services Team of the J.P. Morgan Private Bank serves as aclearinghouse for the philanthropic interest of clients, offering guidancearound family philanthropy. The groupprovides grant making services, overseeing over $100 million in annual givingon behalf of clients. When JPMorgan isappointed as corporate trustee or agent of a trust or private foundation engagingin grant-making activity, the Private Foundation Services Team is involved tosupport all administrative aspects in furtherance and support of thoseactivities. Within the team, the TrustAdministrative Officer works under the supervision of the Trust Officer in theadministration of the accounts and in partnership with Grants AdministrationManagers and Program Officers The Trust Administrative Officer isexpected to have or develop the skills to provide leverage and back-up coveragefor the Trust Officer with whom the Trust Administrative Officer works. Theresponsibilities of this role are as follows:
Technicaland Risk Management
Workwith the Account Opening Group to open trust accounts. Interpret the
governinginstrument and applicable law to ensure the proper set-up of account
records,including payments, fee schedules and tax records. Communicate with
beneficiariesand co-trustees to outline administrative procedures
Respondto client issues, anticipate client needs, and prepare for and
participate inclient meetings with the Trust Officer
Workwith the Tax Officers and counsel on income, gift, estate, and generation
skippingtaxes for the trust/estate and its beneficiaries
Respondto requests from beneficiaries for discretionarydistributions. Prepare
memorandasupporting recommendation regarding how the Bank shall exercise
discretionarypowers it has as trustee. Confer with co-trustee (if any) to obtain
his/herapproval. Coordinate with Trust Officer on the communication of the
decisionto client and follow-up action on the request as necessary
Handleongoing day to day administration of account, and proactively manage
accountbase in an effort to avoid and minimize service and operational issues.
Overseethe work performed by various operational groups. Identify risk that
mightbe incurred in connection with a trust, consistent with any applicable
policiesand procedures governing the risk in question.
Work with Program Officers to provide support on grantmaking process and liaise with other departments as needed; Support TrustOfficer and/or Program Officer in prepping board meeting materials;
Participate in client outreach and prospectingactivities via conference calls and/or in-person meetings.
Utilize risk management tools,such as the overdraft report, daily transaction report, Administrative
Review,Holistic Review and the AAR Variance Report to ensure that all exceptions areproperly addressed and kept to a minimum
Communicatewith Investors regarding investment matters and liquidity needs
Handledepartmental projects relating to accounts and special assets.
Participateon various committees as needed
Whenthe trust terminates the account is transferred to the Trust Settlement
group. TheTrust Administrative Officer is responsible for ensuring appropriate
stepsare taken to minimize risk, including canceling payments and statements,
where appropriate,and obtaining necessary documents for the Settlements
group ClientRelationship Management
TrustAdministrative Officers must actively participate in dealing with interested
partiesand develop relationships with income beneficiaries, foundation boards, co-trusteesand
intermediariesin order to have appropriate knowledge to carry out the grantor's
purposesand meet the needs of the beneficiaries Educational/Administrative
Thespecialized and ever changing nature of the Trust practice requires that TrustAdministrative 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 understandingof our environment and sessions on technical, legal, tax and regulatorydevelopments Qualifications:
Bachelor'sdegree or relevant experience required.
Aminimum of 1-3 years' experience in the trust and Estates industry
Advanceddegree such as JD, industry certification such as CTFA or paralegal
certificate,with paralegal experience in trust and estates practice preferred.
Experiencein the administration and support of trusts including general
understandingof fiduciary products and concepts, including legal, tax and
ProblemSolving/Risk Management - takes initiative, decisive, accountable,
exhibitscritical analysis and judgment
ClientServicing - client knowledge, client relationships, proactive
Teamwork/PersonalEffectiveness - clear and concise communication, time
management,adaptability to delegate, coaching and training
CrossSelling and Retention skills
Strongcomputer skills including proficiency with trust accounting systems
Experiencewith JPMorgan fiduciary platform a plus