Personal trust officer

Description

Personal trust officers monitor and administer personal trusts. They interpret trust and testamentary documentation accordingly, interact with financial advisors to define the investment goal for the achievement of trust objectives, coordinate the purchase and sale of securities with account executives and review clients’ accounts regularly.

Other titles

The following job titles also refer to personal trust officer:

personal trust officers
personal trust manager
personal trust supervisor
trustee officer

Minimum qualifications

Bachelor’s degree is generally required to work as personal trust officer. However, this requirement may differ in some countries.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Personal trust officer is a Skill level 4 occupation.

Personal trust officer career path

Similar occupations

These occupations, although different, require a lot of knowledge and skills similar to personal trust officer.

corporate banking manager
securities analyst
bankruptcy trustee
mergers and acquisitions analyst
actuarial consultant

Long term prospects

These occupations require some skills and knowledge of personal trust officer. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of personal trust officer with a significant experience and/or extensive training.

Essential knowledge and skills

Essential knowledge

This knowledge should be acquired through learning to fulfill the role of personal trust officer.

Securities: The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.
Investment analysis: The methods and tools for analysis of an investment compared to its potential return. Identification and calculation of profitability ratio and financial indicators in relation to associated risks to guide decision on investment.
Actuarial science: The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.
Tax legislation: Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.

Essential skills and competences

These skills are necessary for the role of personal trust officer.

Review investment portfolios: Meet with clients to review or update an investment portfolio and provide financial advice on investments.
Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
Communicate with beneficiaries: Communicate with individuals or organisations who are entitled to receive benefits in the form of funds or other rights in order to obtain information on the procedures, to ensure that beneficiaries receive the benefits they are entitled to, and to provide further information.
Maintain trusts: Handle the money meant for investing into a trust and ensure it is placed into the trust, as well as ensure that the due outgoing payments are made to the beneficiaries compliant with the terms of the trust.
Examine trusts: Examine documents relating to relationships between settlors and trustees in which the trustee holds property for the beneficiaries of the trust, in order to ensure the property is properly controlled and the contract agreements are complied with.
Monitor” title procedures: Monitor the bundle of rights of a property and investigate all the parties involved in the current procedure, such as the transfer of a deed in the transfer of ownership of a property or the provision of all the documents serving as evidence of” title, to ensure that all documentation and procedures occur according to legislation and contractual agreements.
Identify clients’ needs: Identify the areas in which the client may require aid and investigate the possibilities for meeting those needs.

Optional knowledge and skills

Optional knowledge

This knowledge is sometimes, but not always, required for the role of personal trust officer. However, mastering this knowledge allows you to have more opportunities for career development.

Financial products: The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
Accounting techniques: The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of personal trust officer. However, mastering these skills and competences allows you to have more opportunities for career development.

Collect property financial information: Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property’s value.
Maintain relationship with customers: Build a lasting and meaningful relationship with customers in order to ensure satisfaction and fidelity by providing accurate and friendly advice and support, by delivering quality products and services and by supplying after-sales information and service.
Prepare tax returns forms: Totalise all the deductible tax collected during the quarter or fiscal year in order to fill tax return forms and claim it back to the governmental authorities for declaring taxation liability. Keep the documents and records supporting the transaction.
Protect client interests: Protect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.
Research taxation procedures: Research the procedures which regulate taxation activities such as the procedures involved in the calculation of tax for organisations or individuals, the taxation handling and inspection process, and tax returns processes.
Develop investment portfolio: Create an investment portfolio for a customer that includes an insurance policy or multiple policies to cover specific risks, such as financial risks, assistance, reinsurance, industrial risks or natural and technical disasters.
Prepare financial statements: Collect, entry, and prepare the set of financial records disclosing the financial position of a company at the end of a certain period or accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
Provide support in financial calculation: Provide colleagues, clients or other parties with financial support for complex files or calculations.
Register deeds: Register authenticated legal documents concerning the passing, affirmation, or confirmation of interests, rights, or properties with the appropriate authority or government in order to officiate the procedure and for taxation and declaration purposes.
Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
Conduct financial audits: Evaluate and monitor the financial health, the operations and financial movements expressed in the financial statements of the company. Revise the financial records to ensure stewardship and governability.
Promote financial products: Inform existing or potential customers about the various financial goods and services that are offered by the company.
Apply technical communication skills: Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.
Analyse financial risk: Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
Handle financial disputes: Handle disputes between individuals or organisations, either public or corporate, which deal with financial matters, accounts, and taxation.
Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.

ISCO group and title

2412 – Financial and investment advisers

 

 


 

 

References
  1. Personal trust officer – ESCO
Last updated on August 8, 2022