Manager, Trust Investment Officer

Your Opportunity

Schwab remains committed to providing increased visibility to career growth opportunities and job requirements. This posting announcement is part of increased transparency and while all qualified applicants will be reviewed and considered, this organization has a preferred candidate identified for this role.

At Schwab, you’re empowered to make an impact on your career. Here, innovative thought meets creative problem solving, helping us “challenge the status quo” and transform the finance industry together.

We believe in the importance of in-office collaboration and fully intend for the selected candidate for this role to work on site in the specified location.

Schwab’s Personal Trust Services (PTS) organization provides personal trust products and services to Schwab clients, including individual investors, beneficiaries, RIAs, and corporate fiduciaries. PTS products and services are provided through Charles Schwab Trust Company, Charles Schwab Trust Company of Delaware, and Charles Schwab & Co., and include fiduciary trust administration, investment management, directed trustee, trusteed IRA, agent for trustee, trust reporting, and trust outsourcing.

The Manager, Non-Standard Asset and Alternative Investment Officer (NSAAIO)  is responsible for serving as a subject matter expert in the area of Trust-owned Non-Standard Assets and Alternative Investments. The NSAAIO will engage with all relevant stakeholders during the onboarding process to ensure clear communication, consistent expectations, and positive client outcomes are achieved and to support stakeholders with ongoing administration and/or management as needed.  The NSAAIO will ensure compliance with all policies, procedures, and applicable state and federal banking regulations. 

Unleash your expertise: what you’re good at

• Accurate booking of new NSA investments for either newly onboarded trusts or newly added NSA investments to existing trusts

• Work with members of the CS&Co Alternative Investment Asset Review team, Alternative Investment Transfers team, and Alternative Investment Trading team to ensure reviews, transfers, and trades are completed in a timely manner

• Obtain evidence of ownership/title for each asset adequate to establish custody and control at all times.  Work with vendors such as ITM, VRM, PDS, and SES to ensure any re-titling documents needed are provided to the appropriate vendor.

• Vendor Relationship management and vendor oversight.  Maintain lines of communication with NSA vendors and use preferred contact methods to initiate vendor work and ensure vendor output is stored in iManage.  Review vendor SLA’s and establish vendor oversight procedures.

• Review and confirm receipt of Investment Responsibility Acknowledgement from Direction Advisor including representation from Direction Advisor acknowledging valuation responsibility for each asset

• Work to ensure valuations of NSA investment are updated regularly and work to reduce the population of “Aged Valuations” which have not received an updated price/value in over 3 years.  Requires working with RIA’s, Self-Directed Clients, and internal partners to deliver alerts through SAC.com and possibly manual emails and phone calls.  Work with spreadsheet reports to deliver reporting results for committee meetings.

• Complete regular reviews of the Vault log and the Vault report to ensure all items being held in the vault appear as an NSA asset on the trust company books and records in Black Diamond.

• When NSA assets are being distributed or sold out of trusts, ensure all documentation is stored in iManage.  Work with Trust Officers to ensure the NSA asset is delivered off of Innotrust in a timely manner.

• Contribute to NSA Audit needs.  Pull copies of NSA Pre-Acceptance Reviews, and pertinent documentation that was used in the NSA Pre-Acceptance review and save in the audit files.

• Contribute to the work and management of the Temporary CUSIP process – work to ensure Temporary CUSIPs are reviewed for permanent custody acceptance or removed from the trust in a timely manner.  May require contact with issuers, contact with RIA’s, and contact with the CS&Co. AAR team.

• Contribute to researching and documenting risks for NSA assets which require a custody exception.  Contribute to exception write-up and answer questions from leaders.

• Create NSA reporting for a variety of the areas listed above.  Report out with project updates.

• Ensure processes are executed with a “Through the Client’s Eyes” perspective and consistent with Schwab’s client-first culture

• Responding to questions about changes to an existing NSA asset which may require additional operational work and/or signing documents on behalf of CSTC(D) as trustee

• Coordinate with Internal staff and client Investment Advisors and attorneys as needed

• Proactively identify opportunities to improve processes and streamline the existing end-to-end process

What you have

To ensure that we have fulfilled our promise of "challenging the status quo," this role has specific qualifications that successful candidates should have.

Required Qualifications

• 5+ years preferred of experience with Trust/Legal/Non-Standard Asset and/or Alternative investment related experience

• Experience in reviewing, monitoring, or administering a portfolio of trust owned Non-Standard assets/special assets and alternative investments

• Personal Trust and/or Trust legal experience preferred

• Bachelor’s degree or higher

• Relevant professional designation such as JD, CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), CAIA (Chartered Alternative Investment Analyst) or CTFA (Certified Trust Financial Advisor) preferred

• Strong analytical and quantitative skills

• Superior organizational skills and the ability to handle multiple priorities without sacrificing quality or accuracy

• Excellent interpersonal and communications skills and the ability to deal effectively with a variety of people

In addition to the salary range, this role is also eligible for bonus or incentive opportunities