The position of chief trust officer is a major position within a corporation or mid-level private company and the salary is generous. In fact, the Certified Compensation Professional HR report suggested that many chief trust officers will make upwards of $250,000 per year. The career field is challenging but the best will find the job description compelling and a perfectly natural venue for your talents, if management and accounting is in your blood.
What the Career of a Chief Trust Officer Entails
This is beyond a managerial position and involves full responsibility for a variety of feats, all within activities directly related to the trust. Trust officers oversee policies, objectives and initiatives of the company or individual. This means short-term profitability and long-term investment.
Your duties are to deal with all accounts and contacts of the trust. You are the one in charge of making financial decisions regarding the trust and the specific terms listed in the contract. The client ultimately maintains control over the trust, but he or she will count on you for expertise. You work with the client in line with his or her specifications, but with a greater understanding of administration and development. Your level of expertise will instill confidence in the client who will give you the power to make sound investments.
You ensure that you are following the policies of the trust account in all matters, whether that’s funds disbursements, or working within federal or state tax guidelines. Other obligations include keeping specifications in mind, not merely the client’s wishes, but always remembering the beneficiary of the account, as well as keeping track of money sources. You have to collaborate with the beneficiary on a semi-regular basis, as all facts in question must be verified.
Education That Matters to Employers
As a chief trust officer, you will be regularly consulting with high profile clients and constantly looking for investment strategies that will be of benefit to the named party. This requires close attention to detail and the ability to study the market. Besides going for profitability, you have a good grasp on what the client personally wants.
A bachelor’s degree can give you the strong foundation you need to learn about finance, investment and trust issues that concern workers in the field today. The most relevant courses would include banking, accounting financing or perhaps business administration. Certification is the next step after graduating college and seeking work experience.
When it comes to job skills, never underestimate the ability to communicate. You will interact with the beneficiary, accompanied by clients and sometimes attorneys, and are expected to speak professionally and make concise summaries of all financial subjects. Other skills include knowledge of modern computer software, organizational skills, problem solving abilities and lastly, the ability to transform the needs of the client. The last item is particularly important as making the right judgment financially is not always in synch with what the client wants, if the beneficiary doesn’t understand trust and investment.
This is a career path that starts with education. If you are ready to improve your lot in life with a college education, and are determined to see the course through, you will see results.