Trust Administrator Salary
For Trust Administrators, annual average wages total $55K per year. Final cash compensation to Trust Administrators varies from around $35K to approximately $89K; choice pay grades include potential for bonuses and profit sharing as high as $10K and $6K, respectively. This group's pay is mainly influenced by geographic location, followed by the company and tenure. Most Trust Administrators report high levels of job satisfaction. Medical benefits are awarded to a large number, and a majority earn dental coverage. Women make up a slight majority of Trust Administrators (58 percent) survey respondents. This report is based on responses to the PayScale salary survey.
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
Those at Wells Fargo Bank can expect to make the most, with the company offering a median salary of $83K.
Pay by Experience Level for Trust Administrator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Respondents with less than five years' experience take home $49K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $59K. Trust Administrators with one to two decades of relevant experience report an average salary of approximately $70K. Trust Administrators who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $81K.
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Key Stats for Trust Administrator
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