Role overview
To undertake the day-to-day administration of a portfolio of Client Company and trust structures.
From time to time to undertake specific additional tasks as advised. Work with the rest of the Fiduciary management team to improve profitability, limit both Praxis' and client’s exposure to risk and provide a quality service to clients.
Job accountabilities
Client relationship management
- Day-to-day administration of a portfolio of fairly complex client cases, including book-keeping entries and the preparation of some financial reports and statements
- Have a broad understanding of the principles and practices of offshore trusts, companies and related structures
- Ensure mutual understanding of client and Praxis' expectations and commitments at outset and throughout the relationship
- Develop long term, profitable business relationships with clients maintaining regular contact and ensuring client confidentiality is respected
- Liaison with investment advisors, asset managers and other third parties regarding client affairs as necessary
- Understand the principles of managing financial assets and how the performance of stock and currency markets impacts on client portfolios
- Critically review a set of company or trusts accounts or other financial reports
- Have a broad understanding of tax issues and jurisdictions as they relate to client circumstances
- Anticipate technical problems when dealing with client issues, think laterally and creatively to find solutions and, where necessary, seek expert advice
- Where appropriate, identify and communicate improvements that enhance service to clients and/or profitability to Praxis
- Develop a rapport with professional intermediaries and service providers in relation to the conduct of client business
Business development
- Meet with existing intermediaries
- Develop the existing client base by understanding client needs through effective listening and questioning
- Demonstrate to clients the ability, supported by Praxis' skill base and other specialists, to provide advice on all aspects of wealth management
- Assist in developing new business opportunities by developing good working relations with professional intermediaries
- Keep up to date with changes in the market that have the potential to impact on offshore structures.
- Keep abreast of product and service developments that may enhance and add value to existing and potential client relationships
- Have a general awareness of financial and economic developments globally
Risk management
- Understand and apply local legislation relating to drug trafficking, money laundering, terrorist financing and in any other legislation that impacts on the conduct of fiduciary business within the jurisdiction
- Report complaints, operational risks, suspicions etc in accordance with local procedures
- Ensure that risk issues are reported to the Directors and Compliance as appropriate
- Understand, apply and adhere to Praxis' risk management policies and procedures and, where appropriate, be proactive in identifying and proposing improvements
- Assess and manage risk situations to avert potential risk issues for both clients and Praxis and to ensure that the assets of both are protected
- Ensure that client complaints are dealt with in a timely manner and at the right level
Corporate governance
- Actively champion Praxis' values by promoting a culture of professionalism, teamwork and leadership
- Have an understanding of Praxis' vision and the direction in which the Group is heading
- Understand how the role of each individual contributes to Praxis' vision
- Understand and acknowledge the need for change
Financial management
- Will be expected to achieve pre-determined utilisation targets (set as part of the annual budget process and notified to the individual via the appraisal/objective setting process)
- Balance the client’s needs with the Group’s commercial expectations both in developing strategies for clients and in the day-to-day management of their affairs
- Work to achieve the Group’s financial benchmarks
- Regularly review work in progress, deficits, aged debtors and bad debt write offs on client portfolio
People management
- Contribute effectively during meetings
- Support and advise subordinate staff within their area of responsibility
- Explain technical issues in a way non-technical people can understand
- Build morale and team spirit within Praxis
- Inspire others through own actions and behaviours
Personal development
- Attend seminars and workshops, read industry publications and advisory briefs and follow developments in wealth management to enhance professional and technical knowledge
- Shape own development by identifying areas to improve own knowledge and skills and actively seek assistance
- Develop techniques for coping with time/deadline pressures
- Maintain evidence of continuing professional development
Skills and knowledge
Key areas are as follows (note that the Senior Trust Officer is expected to demonstrate these skills or, in the minority, show potential to acquire them):
- Good knowledge of offshore fiduciary services
- A proven track record in handling complex offshore fiduciary issues
- A proven track record in client relationship management
- Good interpersonal skills for dealing with intermediaries and clients
- Excellent time management and organisation
- Sound judgement
- Good understanding of financial markets and finances in general
- Excellent communication skills
- Knowledge of compliance issues and the regulatory framework within which Praxis operates
- The holder of this position should be educated to A level
The post holder should have a minimum of five to 10 years’ experience in fiduciary services and qualify as a C category person under the JFSC guidelines
