LOCATION: MASSMUTUAL – ENFIELD, CONNECTICUT
COMPANY MASSMUTUAL FINANCIAL GROUP
In the world of financial services, it’s working with an established, highly respected company based on demonstrated indications of quality and performance. Who you choose to work with matters. Consider Massachusetts Mutual Life Insurance Company.
Founded in 1851, Massachusetts Mutual Life Insurance Company is the center of the MassMutual Financial Group, a diversified financial services organization. Key subsidiaries include OppenheimerFunds, a leading mutual fund family; Babson Capital Management, a provider of investor services; and Cornerstone Real Estate Advisers, which offers real estate equities. MassMutual has a broad portfolio of products and services including life insurance, mutual funds, money management, trust services, retirement planning products, worksite, annuities, disability insurance and long-term care insurance. MassMutual products are distributed through a nationwide network of trusted and knowledgeable financial professionals who think in terms of long-term commitment to meeting individual client’s needs. Since 1851, MassMutual has made business decisions based on customer needs. Our mutual structure, along with our long-term business approach, has helped keep us strong. This strength means we will be here when our customers need us most. Together, we help people secure their futures and protect the ones they love.
MassMutual has maintained some of the highest financial strength ratings in any industry, and is committed to maintaining a position of preeminent financial strength by achieving consistent, long-term profitable growth. In total, MassMutual’s worldwide insurance in-force was $547 billion at the end of 2013, and assets under management were $ 639 billion, up 26% and reached its highest point in history. MassMutual is ranked 96 on the 2014 Fortune 500 list and was also named one of Fortunes “Most Admired” companies
The Chief Fiduciary Officer (CFO) has administrative, fiduciary and risk management oversight over all MassMutual Trust Company (MMTC) accounts. This includes involvement in new account acceptance, account opening procedures, discretionary distributions and financial audits. The CFO oversees MassMutual’s fiduciary responsibilities to high-net-worth clients thereby proving another level of control to ensure that key activities performed by MM Trust are in alignment with clients’ best interest. There is also a key educational aspect and responsibility to this role as the CFO will look for opportunities to educate staff and advisors one-on-one and through group meetings on key risk issues, tax law changes impact existing and prospective clients in addition to providing an overview on more complex and advanced financial planning techniques.
- Serves as Chairperson of Trust Administration Committee (TAC) which is a cross-functional group of fiduciary, administration, investment, legal, compliance and sales professionals who come together to “underwrite” and accept new accounts. This group also has responsibility for resigning from accounts, making discretionary distribution decisions, approving all MassMutual Trust Company procedures, client restitutions and oversight of administrative review of all accounts.
- Serves as member of Trust Investment Committee (TIC) which is a committee responsible to oversee management of over approximately 2,000 individual client accounts and approximately $1B in discretionary assets under management.
- Serve as a member of the Fiduciary Pricing Committee. This is a policy making body of cross-functional members that meet on an ad hoc basis to discuss policy changes related to client fees, referral compensation and various other issues that develop via normal business operations..
- As part of a core element of MassMutual Trust’s value proposition, the CFO will be responsible for conducting reviews of trust document or “Doc Reviews.” Doc Reviews generally occur as part of the new business acquisition. These reviews are designed to provide feedback to the drafting attorney and ultimately a final assessment for MassMutual Trust as to whether we will accept the account and serve in a certain capacity such as Trustee, Agent for Trustee, etc. The CFO should expect to complete approximately 200 – 300 doc reviews each year. Additional elements of the document review process included:
- Identifies relevant issues and communicates same to sales staff, MM producers and/or prospect’s attorney.
- Coordinates changes to trust documents or court action as appropriate.
- Provides synopsis of trust terms.
- Prepares appointment documents and reviews prior trustee removal or resignation documents.
- On occasion, direct communication between clients’ attorneys and advisors is necessary to provide details on observations and/or explain our position on a desire to accept or not accept an account.
- Personally administers 20 – 40 highly complex or sensitive accounts.
- Partners with Trust Counsel and Compliance on risk issues, litigation management, new business due diligence, vendor contract review.
- Assists Trust Company Comptroller with financial and regulatory reports, profitability analysis and vendor relationships.
- Partners with Chief Investment Officer in the oversight and management of appropriate investments in accordance with Prudent Investor Act
- Partners with the sales area to effectively position MassMutual Trust’s capabilities and grow assets under management while containing risk
- For new Irrevocable Trust relationships, understand the client relationship, the trust and its beneficiaries, family dynamics, history of administration and the other factors relevant to MMTC acceptance
- Communicates by phone or in person with MM producers, attorneys, CPAs, clients and others regarding fiduciary and tax matters.
- Conducts seminars to MassMutual agents, centers of influence like CPAs and Estate Planning Attorneys, and clients regarding fiduciary and tax matters. An additional element of this responsibility entails presenting simple and intuitive sales ideas that help advisors grow their practice.
- Reviews all administrative reviews of client accounts.
- Provides training and guidance to all administration and sales staff.
- Participates in trust company marketing efforts to both internal and external sources-provides technical review of all marketing materials.
- Partners with MassMutual Trust and MM teams on various projects and initiatives.
- Ensures appropriate policies, procedures and practices are in place and remain updated to maintain compliance with all fiduciary laws and regulations.
- Implements risk management practices that limit risk to MassMutual Trust’s fiduciary business.
- Performs ongoing research to ensure that MassMutual Trust is compliant with applicable fiduciary state and federal statutes and regulations.
- Assists Trust Officers and Client Service Specialists with daily ongoing client issues and tasks relating to trust administration.
- Assists trust administration with non-financial assets such as real estate and life insurance policies held in trust accounts
- 10+ years of trust administration experience in the high-net-worth marketplace, including the oversight and management of a complex book of fiduciary accounts
- Be legally eligible to work in the U.S., and able to pass background investigation and thorough reference checking.
- Law degree preferred, LLM a plus
- CTFA (Certified Trust and Financial Advisor) credential a plus.
- Broad and deep understanding/experience with relations at an Office of the Comptroller of the Currency (OCC) supervised institution.
- Effective at all levels of the MassMutual organization.
- Estate Planning experience is a must.
- Strong technical skills in fiduciary administration, income tax, estate tax and GST tax.
- Broad understanding of fiduciary risk management
- Experience managing and overseeing special/unique assets such as real estate and life insurance policies.
- Solid investment experience.
- Experience working with trust accounts in a multi-state environment.
- Creativity and ability to think out of the box to formulate innovative strategies.
- Thrives in/adaptable to a rapidly-changing environment.
- Ability to balance trade-offs between risk and returns to deliver outstanding results.
- Exceptional presentation skills with an ability to read the audience and adjust content and details as necessary
- Excellent organizational and interpersonal skills
- Strong managerial and leadership skills
- Exceptional planning, analytical and execution skills
- Excellent written and oral communication skills
- Ability to handle stress and work under high pressure conditions
Business Acumen: Demonstrates knowledge of the interdependencies of key business processes, functions and risks. Identifies and uses the key financial indicators necessary to measure business performance. Knows the competition; is aware of how strategies and tactics work in the marketplace. Identifies and anticipates customer requirements, expectations, and needs.
Engage and Inspire
|Critically and logically evaluates the costs, risks, and benefits of alternatives before coming to a solution. Probes and looks past symptoms to determine the underlying causes of problems and issues. Approaches problems holistically, defines connections, linkages, interdependencies and develops solutions. Takes ownership of problems and stays on top of them until resolved
Makes quick decisions in high stakes situations, crises, or conditions of uncertainly. Critically and logically evaluates the consequences and implications of alternatives, actions, or decisions.
Encourages others to set challenging goals and high standards of performance. Fosters a sense of energy, ownership, and personal commitment to the work. Creates an environment in which performance excellence is rewarded.
Advocates for needed change across the organization that add to our success. Ensures the implementation of change with appropriate communications, goals, resources, metrics and reviews. Takes ownership and personal responsibility for implementing change despite opposition or barriers
Ability to engage in and model courageous and constructive dialogue; confidence to offer a new and potentially challenging idea to foster conversation and critical thinking; ability to successfully deliver difficult and/or complex messages and help others understand multiple points of views.
- Focus on the Customer – Know your customers well; add value with a level of urgency.
- Act with Integrity- Adhere to a strict code of ethics and MassMutual Values; be trustworthy.
- Value People – Lead people to success; appreciate diverse ideas and experiences.
- Work Collaboratively – Partner with others to achieve results that leverage the right resources.
- Achieve Results – Focus on winning; consistently exceed expectations.
We pay competitive base salaries and we reward performance. Our salary structure is commensurate with experience. In addition, you will be eligible to participate in our comprehensive benefits program including medical insurance and 401(K).
AVP, Executive Recruiting