Trust Administrator Salary
For Trust Administrators, yearly average wages total $56K annually. With some bonuses approaching $10K and certain profit sharing proceeds approaching $6K, overall incomes of Trust Administrators spread between $35K and $90K depending on individual performance. Geographic location is the biggest factor affecting pay for this group, followed by the specific employer and experience level. Female Trust Administrators are more common than men among those who completed the survey; more than half (61 percent) are women. The majority of workers are highly satisfied with their job. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to more than half. Participants in PayScale's salary questionnaire provided the particulars of this report.
Job Description for Trust Administrator
When families or organizations (such as charities) are in possession of large amounts of money, one option to protect those assets is to establish a trust through a financial institution. The institution is charged with investing and disbursing money in the trust as instructed by the original signatories. The person who oversees this activity is a trust administrator.Read More...
One reason a family may decide to establish a trust is that such arrangements tend to be multigenerational. The trust can be set up to establish long-term, steady growth with specific rules as to how it is administered. The trust administrator adheres to these rules and works to find investment strategies that allow for stable growth. The trust administrator may also disburse monies as allowed or required by the trust agreement. He or she makes sure all such payments are properly handled and accounted for.
Another role of the trust administrator is to act as a mediator for various interests in the fund. One reason families may set up a trust is a fear that money arguments may lead to familial discontent. Using trust regulations, the trust administrator can then handle these sensitive situations within pre-established guidelines. Thus, while much of the job of a trust administrator is very similar to other financial advisement positions, the personal, sensitive, and one-on-one nature of this particular job set it apart.
To work as a trust administrator, a person must have at least a bachelor's degree in a business or another finance-related discipline, with many financial institutions preferring individuals with post-baccalaureate education as well. Work in this field also requires prior experience in financial administration, with persons who have served in a junior position within trust management preferred. Trust administrators typically work in an office environment, but some responsibilities of the job may require travel as well.
Trust Administrator Tasks
- Manage and set up the accounts associated with trust funds.
- Ensure trust fund accounts comply with bank and government regulations.
- Process and review legal and financial paperwork associated with trust fund accounts.
- Provide customer service to clients, resolve client problems, and report the status of accounts.
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Popular Employer Salaries for Trust Administrator
Trust Administrators flock to Wells Fargo Bank for generous paychecks, where average earnings of $85K lead the pack in compensation.
Pay by Experience Level for Trust Administrator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Trust Administrators who reported more years of relevant experience also reported higher earnings. Relatively untried employees who have less than five years' experience make $49K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $59K. Trust Administrators claiming one to two decades of experience make an estimated median of $68K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $81K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
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Key Stats for Trust Administrator
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