Trust Officer Salary
|Salary||$45,941 - $98,731|
|Bonus||$1,000 - $12,136|
|Profit Sharing||$0.00 - $10,130|
|Total Pay (||$46,654 - $104,975|
Job Description for Trust Officer
Trust officers are commonly hired by private banks and investment groups to provide expertise and communication in trust and estate issues. Most of the daily duties of the job involve communicating, as individuals in this position work as a liaison between trust clients and various related agencies or advisors. Specific tasks include interpreting legal documents, reviewing client relationships, monitoring funds, reporting to management, and completing various forms of paperwork. This is done in an indoor environment, typically in a banking institution or other office setting. Work involves communication with clients and other firms, but trust officers also work in teams with other trust officers in many large banks. Risk and physical requirements of the position are extremely limited, while work hours are typically standard business operating hours.Read More...
This position requires relevant knowledge, generally in the form of educational and experience requirements. Applicants are expected to have a bachelor’s degree in a field such as finance, economics, or business administration; some higher-level positions also prefer or require graduate degrees. Educational requirements may sometimes be substituted for work experience, although this is uncommon given the nature of the expertise required. Work experience requirements for positions vary among entry-level openings and more senior positions, but at least five years of experience in a related field is a common requirement. Some positions also require relevant certifications as well.
Trust Officer Tasks
- Set up trust funds by identifying potential members and placing assets into trust account.
- Work to implement strategies which achieve client goals for trust fund.
- Coordinate legal, tax, and financial paperwork associated with the account, and ensure compliance with bank and government regulations.
- Manage returns yielded by trust fund, distributing profits to trust members or reinvesting them according to trust fund terms.
Common Career Paths for Trust Officer
At the upper end, Trust Officers who move into a Senior Trust Officer role can end up with a hefty increase in pay. The average income for Senior Trust Officers is a much higher $108K per year. The most common promotion for Trust Officers is Trust Officer VP, a position that typically pays $88K annually. Another standard transition for Trust Officers seeking advancement is to assume a Bank Trust Officer role, where pay is often $55K.
Popular Employer Salaries for Trust Officer
Those at Bank of America Corp. (BOFA) can expect to make the most, with the company offering a median salary of $71K.
Not only do salaries lack room to grow — pay ranges from $50K to just $73K — but The PNC Financial Services Group, Inc. offers the lowest pay in town to boot, with a median paycheck of $61K.
Pay by Experience Level for Trust Officer
Pay by Experience for a Trust Officer has a positive trend. An entry-level Trust Officer with less than 5 years of experience can expect to earn an average total compensation of $60,000 based on 95 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Trust Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $67,000 based on 78 salaries. An experienced Trust Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $75,000 based on 76 salaries. A Trust Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $91,000 based on 46 salaries.
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Key Stats for Trust Officer
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