Client Transition Associate

Northern Trust provides innovative financial services and guidance to corporations, institutions and affluent families and individuals globally. With over 130 years of financial experience and nearly 20,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Description 

Responsibilities of an Associate include but are not limited to: coordinate new account set-ups and the transition of assets from prior institutions/custodians as well as facilitate account distribution of assets to new successors and/or beneficiaries or support various maintenance tasks for Wealth Management clients. Custody Transition & Account Services (CTAS) is a central support group for both Wealth Management and C&IS client servicing segments with the capability to deliver an array of processing efficiencies, ensuring best practice and a consistent client experience. The group is responsible for delivering middle office services such as; documentation support, account opening & closing, coding, online and statement setup, asset funding & distributions, gifting, implementation/rebalance of investment solution products and alternative asset support, fee setup, and other ancillary services, facilitating communication and simplifying information flow between/among partners. 

Major Duties: 

• Communicate with front office partners, other internal operational areas and external contacts such as successor custodians, charities, attorneys, brokers, CPAs and beneficiaries to ensure transitions are executed and completed within specific timeframes.
• Ensure all assets and associated income held on record internally or at prior custodians are collected or distributed within the guidelines of the SLA (Service Level Agreement) established by the division.
• Assist front office partners with client servicing by monitoring the asset collect process, account reconciliations, tax cost updates, audits and plans of divisions.
• Respond to internal and external inquiries regarding the resolution of discrepancies related to any new or closing account.
• Provide safekeeping of all original trust documents, Wills, Sundries, Family Business, and annual physical inventory of all sundry assets on record and Family Business files.
• Identify discrepancies related to the asset collection process, tax cost updates or delayed follow-up from internal partners as well as external contacts. Make the necessary corrections if possible and /or route information to the appropriate business unit for execution. Diligently monitor the situation until corrections are completed or until discrepancy is resolved.
• Order and provide pertinent information to Tax Group and other business units on behalf of the trust and/or beneficiaries in preparation for their tax returns.
• Perform at or above the CTAS performance standards.

Knowledge/Skills: 

Effective interpersonal skill; solid verbal and written communication, attention to detail (accuracy), ability to multi-task and prioritize work, time management and organization skills. Analytical skills are also required to review and resolve exceptions with the help of leadership. A general understanding and knowledge of Trust and Custody services for Wealth Management clients is preferred. Knowledge of Trust Servicing, Lotus Notes Database, GAM-PAO, Northern Imaging/EDM, and Passport are strongly preferred. Adobe (PDF), Microsoft Excel, Word & PowerPoint proficiency are required.

Experience: 

A College/University degree or financial trust and custody services, security industry or other related client servicing experience are preferred but not required for consideration.

Working with Us: 

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve! 

We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why we are honored to receive the following awards in 2021: 

• Gender Equality Index Member, Bloomberg
• Top Financial & Banking Company, Black EOE Journal, Hispanic Network Magazine, Professional WOMAN'S Magazine

For further information, and to apply, please visit our website via the “Apply” button below.