About Waycrosse:
Established over 60 years ago, Waycrosse, Inc. is a single-family office based in Wayzata, MN. Waycrosse provides comprehensive wealth management services including: facilitating legal services, tax, insurance, and investments. We are passionate about being a most trusted partner to our clients and we look to hire individuals who can deliver outstanding service with the utmost confidentiality. We are proud to foster an inclusive workplace culture. We strive to attract, develop, and retain top caliber talent through competitive rewards, while ensuring alignment with our values and the achievement of our mission.
General Overview:
The Trust Officer is responsible for providing comprehensive trust management services to support the trust accounts held at Way Trust. In this role, the Trust Officer will partner with more senior Trust Officers to give top level service to our trustees and beneficiaries. The Trust Officer will also partner with all other departments including Legal, Investments, Tax, Insurance, and Accounting to incorporate the expertise required to meet the needs of the trust clients.
Key Areas of Responsibility:
1. Trustee Meeting Preparation and Presentations
- Organize and prepare for trustee meetings, including creating agendas, proactively identify issue areas, assess and develop materials to educate trustees and/or beneficiaries regarding important trust topics (such as tax, discretionary distributions, key investment decisions, income projections, etc.) and ensure all meeting documentation is prepared timely and accurately
- Provide comprehensive financial services: prepare financial statements, calculate distributions pursuant to established guidelines, update cash flow planning, and assist with tax planning to support trustees in their fiduciary duties
- Collaborate with investment professionals to manage and coordinate trust investments, to ensure alignment with the trust's objectives and beneficiaries' needs
- Prepare meeting minutes and complete the required follow-up work identified during the meeting
- Lead internal meetings and/or provide support during trust meetings
2. Provide Comprehensive Trust Administration Services, including:
- Work with other Trust Officers to proactively manage and administer trusts
- Make discretionary investment and distribution decisions with respect to trust accounts
- Execute documents that facilitate or accept fiduciary responsibility and assess/approve new trust accounts
- Facilitate account set up and maintenance
- Conduct administrative/investment review process and create and maintain all related documentation
- Monitor cash and facilitate cash movement
- Review cash transaction statements and financial reports for accuracy
- Assist with tax coordination, assessment and follow up to obtain missing items, review, obtain signatures (or execute on behalf of the Trust Company)
- Process bill pay and facilitate distribution requests, including journal entries
- Complete and maintain investment documentation and assist with continuous investing
- Prepare trust accountings, as needed
- Partner with legal team to administer estate planning vehicles such as GRATS, ILITS, or other unique asset purchases/sales
- Partner with investment staff regarding monitoring and implementation of asset allocation plan
- Miscellaneous projects as requested
3. Coordinate the Dissemination of Annual Financial Reports to Beneficiaries
- Initial identification of changes to beneficiaries/trustees/trust names etc. and update relationship management system accordingly
- Utilize new technology systems to enhance both the accuracy and efficiency of disseminating important trust information summaries
Professional Qualifications:
- Bachelor's degree in accounting, finance or business required
- Advanced professional credentials such as CPA, JD, CFP®, or an MBA with a relevant concentration required
- Certified Trust and Fiduciary Advisor preferred
- 5-10+ years of experience in trust administration
- Strong knowledge of trust administration and financial/wealth planning for UHNW individuals/families
- Estate, income, gift and GST tax knowledge preferred
- Advanced Excel skills and proficiency using Microsoft Office products which include Outlook, PowerPoint, and Adobe; eMoney experience a plus
- Strong desire to provide top level service to relationship managers and other Trust Officers
- Willing to travel to Sioux Falls, South Dakota to work interactively with the South Dakota team 4-6 times/year
- Desire to grow and learn new tools, technologies and enhance processes
- Must be a self-starter, take initiative, independently assess and carry out next steps and problem solve and also be able to work as part of a team
- Must be willing and able to do work below, at, and above level of position
- Must maintain a high level of confidentiality regarding sensitive information
- Strong organization skills, attention to detail and ability to multi-task
- Ability to display positive attitude in managing interactions with others inside and outside the company
- Excellent communication skills, both verbal and written
Working Conditions
The physical working conditions of this position include an office environment where sitting and working on a computer for extended periods of time are common.
Hybrid Work Environment
We are currently in a hybrid work environment where employees are required to be in the office on Tuesday, Wednesday and must flex one additional day for a minimum of three days in office. This work arrangement is subject to change and is at the discretion of Waycrosse.
This position will work in Wayzata, Minnesota, with frequent travel to Sioux Falls, SD.
Benefits Overview
Waycrosse, Inc. provides employees with a comprehensive benefit program including but not limited to medical, dental, life, vision, retirement (401K), and disability plans.