Bank of America Private Wealth Management, formerly known as Bank of America Private Bank, is a renowned private asset management firm that offers a wide range of resources and tailored solutions to satisfy customers' wealth structuring, investment management, banking, and credit needs. Investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration, and family trust stewardship are among the financial products and services offered to clients by teams of experienced advisors. The Private Bank is a division of Bank of America, N.A.'s Global Wealth and Investment Management arm, which is a global leader in wealth management, private banking, and retail brokerage. The Private Bank has about 4,100 employees and operates 135 locations in 33 states.
Job Description for a Private Bank Associate
The Private Bank Associate (PBA) is a generalist role that supports all customer needs, including discussions and/or activities. PBAs keep track of and carry out all actions necessary to carry out the client service plan and respond to day-to-day client enquiries.
The PBA is in charge of working with experts and service centers to provide an integrated service to clients, such as initiating and monitoring account opening and asset transfers, answering customer enquiries, and coordinating with specialists and service centers.
- Actively assist Client Teams in providing Private Bank clients with consistently high-quality banking, trust, fiduciary, and/or investment services.
- Meets client needs and expectations in collaboration with the Trust Officer, who is in charge of managing a book of fiduciary/trust partnerships.
- Performs trust/fiduciary-related servicing and account maintenance tasks, such as PACE/Trust Web accounting transactions, deposits/transfers, and so on.
- Support client needs and expectations across all products, and act as a "triage" point for specialists and service centers, including but not limited to account setup, monitoring and maintenance (overdrafts, fraudulent activities, etc. ), wire processing, business and credit card applications, foreign currency orders, credit and lending.
- To provide an integrated service to the customer and identify and address difficulties in an effective and timely manner, coordinate with specialists such as Trust, Family Office, Investments, and Custody officers, as well as centralized service centers.
- Client onboarding, including account establishment and asset transfer, is initiated and monitored; client enquiries relating to the onboarding process are handled; KYC refresh and ongoing requests, digital engagement and fulfillment are all handled.
- Interact with clients to perform necessary transactions and account maintenance (e.g., deposits, money movement, transfers, etc.).
- Manage and execute client transactions including business and individual Bank, credit, and investment products (depending on transaction type, this may be performed by a service center at the request of a PB Associate). Ascertain that transactions are conducted in accordance with audit and compliance criteria, as well as in a timely manner.
- Participate in activities related to the Client Management Process (CMP), such as assisting in the delivery of a branded client experience and meaningful interactions.
- Develop credit and bank product referrals.
- As needed, assist the Client Team with all sales support and administrative functions, such as pipeline reporting, marketing and business development, client/prospect presentations, expenses, printing, faxing, calendar & email management, client events, communication, and travel and entertainment reservations.
- Ensure that all internal policies are followed, as well as legal and regulatory requirements, such as customer verification.
- Minimum of 1-3 years of trust administration, customer service, and sales experience at a financial institution or legal firm.
- Ability to successfully complete crucial skill assessments
- A bachelor's or master's degree in business, finance, or economics, as well as paralegal certification, is preferred.
1st Shift (United States of America)
Hours Per Week: