Director of Institutional Fiduciary Services

Director Institutional Fiduciary SVS

This position will report to the President of Comerica Trust and is responsible for leading the Institutional Fiduciary Services business (consisting of the Institutional Trust, Custody, Taft Hartley, OCIO, etc.) with the overall objective being to drive growth and profitability in a manner consistent with the values and interest of the organization.

Other key responsibilities include ensuring that accounts within the department are administered in accordance with the terms of governing instruments, policies, and procedures, and in accordance with Federal and State laws. This includes:

• Leading teams of relationship managers and support staff to ensure proper client service and long-term retention of relationships.
• Developing relationships with COIs, consultants, etc. to expand their knowledge of Comerica's institutional trust offering.
• Review and interpretation of documents.
• Ensuring proper due diligence of new business prior to account acceptance and ensuring a seamless on-boarding experience for clients.
• Achieving agreed upon financial metrics for revenue and expenses and managing a profitable business unit.
• Coordination of initial and on-going administrative functions.
• Partnering with operational colleagues to ensure excellence in service delivery, and
  Monitoring of risk management and compliance activities.

This role is also responsible for strategic planning, directing business initiatives, compliance, budgeting, and staff management for the team. This is a hands-on position that includes interaction with clients and business partners across the organization.

Position Responsibilities

• Leads teams of institutional trust relationship managers and support staff that are directly responsible for ensuring client service, retention, and expansions of existing relationships.
• Manages the accurate processing and recordkeeping for all clients, programs, and plans; assures integrity of trust administration.
• Guides key financial partners in assuring bookkeeping and accounting accuracy; examines and resolves complex financial transactions; works closely with client and reporting teams in generating periodic reporting data; drives the SOC-1 review and fund audit efforts to ensure promptness and accuracy.
• Establishes guidelines and standards for productivity and efficiency of the team; tracks and measures against agreed upon service standards; complies with financial and regulatory requirements; serves as key contact for regulatory inquiries and requests; implements and enhances controls, policies and processes that reduce risk.
• Assists the Trust - Fiduciary Services Sales team with new business opportunities. Develops and conducts training to ensure that the sales team is equipped with recent developments in the institutional fiduciary industry. Participates in new product development to ensure that Comerica Trust's offering is in line with the industry. Performs periodic reviews to ensure the profitability of those offerings.
• Responsible for achieving financial metrics for institutional trust, particularly in the areas of revenue and expenses which will be established during the budgetary process. Develop, maintain, and update pricing schedules for the solutions offered that adequately compensate the bank for the risk undertaken. Responsible for ensuring that pricing is reasonable by conducting periodic industry analysis.
• Recruits, selects, trains, and leads employees to meet department objectives. Establishes performance goals, sets expectations, and monitors those results accordingly. Prepares and implements training and development plans for team members. Provide performance feedback, coaching, and counseling to motivate staff to achieve performance standards; takes corrective action when needed.