IRA & ILIT Administration Manager
The Manager- IRA and ILIT Administration is responsible for leading IRA Account Administration, and Irrevocable Life Insurance Trust business units.
These business units focus on oversight, advisory services, and administration of accounts within each of these specialties: Individual Retirement Accounts; and Irrevocable Life Insurance Trusts. These business units may provide oversight of and advisory services for specialty accounts not under their direct administration, as well as directly administer accounts.
Position Responsibilities:
Fiduciary Administration, Oversight & Governance
- Serve as a subject matter expert in the IRA, and ILIT space, leading and overseeing the administration of accounts and supporting sales activity as needed.
- Provide strategic advisory services to trust advisors across personal trust administration to foster deep relationships with key clients and partners.
- Resolve complex issues related to IRA, and ILIT accounts.
- Ensure that the IRA, and ILIT teams are accurate and timely in the processing of account transactions and administrative tasks, as well as in providing strategic advisory for accounts managed by trust advisors out in the market.
- Establish expectations and metrics that ensure the highest quality, timeliness, and efficiency of client service and compliance with legal requirements.
Revenue and Growth -- Financial Performance and Sales
- Achieve business line revenue goals while operating within the Bank's risk appetite.
- Collaborate with sales teams and partners to identify opportunities to expand awareness and grow revenue.
- Manage the IRA, and ILIT team budgets, ensuring efficient allocation of resources and achievement of financial targets to help support the broader specialty wealth and trust organization objectives.
- Engage with internal stakeholders to gather feedback and enhance specialty administration services strategy.
- Monitor industry trends and developments and drive efforts to tailor / update service offerings as needed to keep the charitable, IRA, and ILIT offerings competitive.
Operational / Risk Responsibilities
- Conduct regular reviews of IRA, and ILIT accounts to identify and mitigate risks and ensure adherence to best practices.
- Establish and robust maintain policies and procedures for IRA and ILIT services to ensure regulatory compliance and adherence to applicable laws and regulations.
- Provide administrative support for IRA and ILIT accounts to include updated calculations, establishing updated required minimum distributions, account coding reviews and all other requirements of these specialty accounts.
- Subject matter expert on laws and regulations affecting the administration of IRA and ILIT accounts.
- Guide the team in applying enterprise risk management frameworks to IRA, and ILIT accounts.
Leadership and Management
- Recruit, train, mentor, and manage the IRA, and ILIT teams to ensure high performance, professional growth, and alignment with the organization's strategic goals.
- Monitor and manage the performance of trust advisors and support staff, ensuring high levels of service and professional growth.
- Ensure team conducts its duties in compliance to IRS requirements, applicable laws and policies and procedures.
- Ensure team members are knowledgeable about IRA, and ILIT administration to ensure regulatory compliance, including adherence to legal and tax requirements associated with charitable trusts, IRA's and ILITs.
Position Qualifications:
- Bachelor's degree from an accredited university
- 2 years of experience in staff management
- 4 years of experience in specialty trust administration to include IRA and ILIT accounts
Preferred:
- CTFA (Certified Trust and Fiduciary Advisor)
About Comerica
We know our employees are critical to our overall success and we are dedicated to investing in their future. One of the ways we do this is to offer a comprehensive Total Rewards package designed to recognize and reward individual performance, as well support health, well-being, development and security for our colleagues and their family. Total Rewards consists of cash compensation, development and flexible benefit programs designed to meet individual needs today and in the future. Your salary will be commensurate with your work experience and our programs are reviewed regularly to ensure each remain competitive. We are proud to offer benefits such as health and welfare programs, strong retirement benefits, and generous paid time off programs. You and your eligible family members, including domestic partners and their children, can participate in medical, dental, and vision benefits, 401(k) and pension, income protection benefits such as life insurance, AD&D, and supplemental health programs to offset unexpected health care expenses. We also have a variety of time off programs for things like vacation, sick time, disability, and parental leave. Eligibility for some programs varies based on employment status and tenure.
Upon offer, Comerica conducts a comprehensive background and fingerprint check.
NMLS certification requirement: where applicable, a favorable background check screening, credit check, fingerprint check, and NMLS certification is required in accordance with the SAFE Act.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments; the Commercial Bank, the Retail Bank, and Wealth Management. Comerica's colleagues focus on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.
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Comerica Bank
life insurance, parental leave, paid time off, sick time, 401(k)
Jan 08, 2025