Trust Officer Salary
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
- 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.
- 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.
Common Career Paths for Trust Officer
Trust Officers' salaries may rise greatly for those who assume a higher-end position such as a Senior Trust Officer. The average Senior Trust Officer brings home $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.
Trust Officer Job Listings
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Popular Employer Salaries for Trust Officer
For Trust Officers, comfortable salaries can be found at US Trust Company; in fact, median earnings sit around $71K, the highest in the area.
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
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Trust Officers who reported more years of relevant experience also reported higher earnings. Workers with less than five years' experience earn around $60K on average, and those who have five to 10 years under their belts see a higher median salary of $69K. After working for 10 to 20 years, Trust Officers make a median salary of $78K. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $91K on average.