What is Trust Operations
- 1. Trust Operations October 14-15, 2015
- 2. What is Trust Operations? Trust Operations is the focal point for all actions affecting the customer accounts, and the department itself. Trust Operations provides the services needed to process record keeping, confirmation requirements, tax reporting, income collecting, disbursement processing, asset movements, statements, and customer service. Trust Operations creates and follows rules, as-well-as policy and procedures in relation to these services. This department is subject to compliance, internal audit, external audit, and regulatory exams.
- 3. • Detailed Recordkeeping • Asset Custody • Income Processing • Automatic Bill Payments & Distributions • Tax Payments • Daily Cash Sweep • Customized Statement Packages • Online Access • Tax Reporting Documents • Customized CD Spread Purchases • Customized Transaction Confirmations A Few of the Services Currently Provided
- 4. Our Team 73 years of combined experience Connie: - Account opening & general maintenance - Manage & oversee account name & address records - All income deposits - CFO transaction processing - CD interest mapping - Non brokered CDs - Fee processing - Mortgage payment processing & reporting - Maintain and update PAL system - Research & special projects Lisa: - Maintain security detail - Asset setup & maintenance - Security transactions (buy, sell, transfer, receive) - Income processing from securities at BNY - BNY asset control & settlement - Reconciliations - Cross-training on each Operations desk Stacey: - Maintenance expense desk ticklers & pension/trust master - Outgoing expenses, distributions, & tax payments - 1099 Misc. processing - Calculate caregiver payroll - Maintain name & address record system - Reconciliation & outstanding check monitoring - Order & inventory department supplies - Nightly SunGard end-of-day processing Stephanie: - Organize & distribute daily reports - Reconciliations - Cash sweep (ACMS) - Mutual fund transactions/transfers - Corporate action processing - Dividend mapping - Provide backup & remain cross-trained for all Operations desks - Prepare cost center breakdown of Operations expenses - Process & report quarterly RCT reports - Daily department balancing & maintain daily work archive - Process account closings
- 5. Are we ready for more? Well, here’s what we’ve done so far….. • Added a new trust department, new branch, several administrators, and their book of business without adding Ops staff • Implemented Process Management – using automated forms processing, templates, and reassignment of work flow. • Enhanced user’s accessibility to advanced areas of the trust system • Provided and continue to provide one-on-on training where needed • Added/Merged a new bank and workflow into our existing system without adding Ops Staff • Beat all conversion deadlines, and scrubbed new data in the system in just 6 weeks!
- 6. New Projects Being Launched • New PAL – Enhanced online access with PCB branding • Security Type Recoding – This will enhance investment return reporting • Cost Basis Reporting System – Needed for sending and receiving automated transfer instructions on fixed income assets. • Automation and balancing of amortization and accretion of fixed income assets through complex constant yield method provided by WSC.
- 7. Our Theme By virtue of the unique personal relationships of the trust clients… the customers rely earnestly on the quality of work preformed for their benefit, or on their behalf. Dedication, knowledge, understanding, good attitudes, and great workmanship is truly the theme of our department. It sets the tone for the future, and insures we deliver a quality product to our special private banking clients.