Wealth Management Officer

2 months ago

Boston, United States Fiduciary Trust Company Full time

Company Overview

Fiduciary Trust Company (“FTC”) is an independent, privately-owned wealth management firm, supervising more than $28 billion of assets for individuals, families, charitable organizations and in custody or administration). Fiduciary Trust was founded in 1885 as a family office and incorporated as a trust bank in 1928. Throughout its 138-year history, FTC has maintained a proud tradition of providing our clients with objective, holistic advice to meet their investment, trust, and estate needs. As an independent company, unfettered by the demands of Wall Street or a parent company, Fiduciary Trust has maintained a steadfast commitment to the business of providing our clients with exceptional wealth management services. This focus and commitment has resulted in a sustained 98% client retention rate with several clients having relied upon Fiduciary Trust to handle their financial matters for multiple generations. FTC currently has 150 dedicated employees with an average tenure of 8 years. Our close-knit culture and team approach facilitate a firm-wide dedication to client satisfaction, high ethical standards, and sophisticated solutions for our clients. Collegiality, cross-functional collaboration and high integrity foster an unyielding commitment to client service and remain a hallmark of the firm. Fiduciary Trust manages client investment portfolios using a hybrid open architecture approach that provides access to top-tier managers, while allowing for direct management of individual stocks, bonds and alternative investments. FTC also offers expertise in trust and estate administration services and access to New Hampshire’s favorable trust laws through FTC’s affiliate, Fiduciary Trust Company of New England. Our range of services also include experienced estate and financial planning, philanthropic advice and foundation management, income tax planning and tax return preparation, asset custody, reporting and a broad array of family office support. Through client focus, prudent management and a strong 138-year foundation, Fiduciary Trust is in an exciting stage of continued growth.


About the Role

As the primary professional responsible for managing client relationships, the Investment Officer position is a critically important role at Fiduciary Trust. The Wealth Management Officer provides investment and financial advice and other fiduciary and wealth management services directly to our clients. As such, they must possess the experience, judgment and communication skills required to earn the trust and confidence of our most important asset, our clients. Depending on their background and experience, new Investment Officers traditionally partner with one or two established Investment Officers on a select group of existing client relationships. After the transition period, the Investment Officer assumes full responsibility for the retention and growth of their own dedicated clients, supported by the firm’s full complement of experienced professionals (Legal, Investment, Financial Planning, etc.). In addition to Investment Officers being responsible for retaining existing clients and expanding those relationships, they are also expected to contribute to the firm’s efforts to attract new clients. This role will be based in Boston and will report to the Head of Wealth Management.


Responsibilities

  • Develop strong relationships with clients while gaining a comprehensive understanding of their evolving financial goals and individual and family dynamics.
  • Conduct ongoing communication with clients about their investment portfolios, including their goals, risk tolerance, particular investment viewpoints and concerns, income and liquidity needs, appropriate asset allocation, and related investment performance.
  • Apply Fiduciary Trust’s global multi-asset class investment strategies to relevant circumstances in order to meet the requirements of each client.
  • Engage with colleagues to counsel clients on a wide range of non-investment matters including: gift, trust, estate, financial and income tax planning; insurance coverages; art and other special asset transactions; and closely-held business succession planning.
  • Leverage relationships with existing clients, outside network of professionals, and personal contacts to generate activity to achieve new business goals.
  • Work closely with clients’ estate planning attorneys, accountants and other advisors to ensure that all advice is coordinated and based upon a complete understanding of the client’s relevant situation.
  • In conjunction with a dedicated account administrator, oversee all aspects of client account administration.
  • Function as a Trust Officer for revocable and irrevocable trust accounts.
  • Work with the Tax Department to facilitate the annual preparation of fiduciary and personal income tax returns.
  • Collaborate with the Legal Team to review instruments, handle special assets such as real estate and closely-held business interests, and address legal issues related to client accounts.
  • Contribute to FTC’s marketing efforts by expanding investment services provided to existing clients through networking with potential referral sources and actively maintaining a presence in the community.
  • Maintain and enhance substantive knowledge through ongoing professional education and participating in professional associations. Contribute as appropriate as a “thought leader” within Fiduciary Trust and externally.


Qualifications

10 to 15 years of industry experience, including significant experience in relationship management and business development. Experience working effectively in a team environment. Excellent academic record consisting of an undergraduate degree combined with other desired credentials such as an MBA, CFA, CFP, JD and/or LLM.


Required Skills

  • Strong, general knowledge of high-net worth wealth management services, including:
  • Evaluating and overseeing clients' total relationship through a structured, consistent and comprehensive service process.
  • Analyzing individual account relationships to determine the trust and investment needs of clients.
  • Anticipating and creating opportunities to enhance client relationships.
  • Placing emphasis on relationship building and participating in development of new solutions for client needs.
  • Working knowledge of the personal financial, legal, tax, family dynamic and other challenges that confront high net worth individuals and families.
  • Familiarity with a broad array of economic and financial concepts.
  • A history of success in new business development, both individually and collaboratively.
  • Excellent interpersonal skills and the ability to communicate clearly both verbally and in writing.
  • Capacity to solve problems by applying a combination of rigorous thinking and pragmatic judgment.

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