Philanthropic Fiduciary Advisor (Sr. Advisory Specialist)

Wells Fargo
Published
September 26, 2021
Location
San Francisco, CA
Category
Job Type

Description

Job Description

Important Note: During the application process, ensure your contact information (email and phone number) is up to date and upload your current resume when submitting your application for consideration. To participate in some selection activities you will need to respond to an invitation. The invitation can be sent by both email and text message.  In order to receive text message invitations, your profile must include a mobile phone number designated as “Personal Cell” or “Cellular” in the contact information of your application.

At Wells Fargo, we are looking for talented people who will put our customers at the center of everything we do. We are seeking candidates who embrace diversity, equity and inclusion in a workplace where everyone feels valued and inspired.

Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.

Wealth & Investment Management, or WIM, is one of the United States’ leading providers of financial and investment services. WIM provides a full range of personalized wealth management, investment, and retirement products and services to meet clients’ unique needs and help them achieve financial goals. Our mission is to help clients pursue their financial goals with confidence. We accomplish this by:

  • Building enduring client relationships through sound, thoughtful, and objective advice
  • Developing individualized plans for clients to help meet their financial objectives
  • Helping clients build, manage, preserve, and transition their financial resources and wealth

WIM serves clients through the following businesses:

  • Wells Fargo Private Bank serves high-net-worth individuals and families.
  • Wells Fargo Advisors provides investment advice and guidance to clients through more than 13,200 full-service financial advisors and referrals from more than 5,450 licensed bankers.
  • Wells Fargo Asset Management brings together a strategic balance of investment capabilities to serve the investment needs of institutions, financial advisors, and individuals worldwide.

Through Wells Fargo Private Bank, WIM is also a leading provider of trust, investment, and fiduciary services, including personal trust services and a number of specialized wealth services designed to meet the diverse needs of high-net-worth clients.

As part of its vision for a flatter, more nimble organization that is easier to do business with, Wealth and Investment Management (WIM) has created horizontal functions known as centers of excellence to support all client coverage channels. Banking, Lending, & Trust is a center of excellence that brings teams and functions currently found across WIM’s consumer businesses under a common, WIM-level organization. The group is focused on transforming from channel-based to client-focused solutions and delivery in an effort to reduce operational risk, improve efficiency, increase consistency/coordination, and bring focus on product management / development to deliver innovative growth and improve the client experience. Additionally, the new group will deliver a WIM-level culture of product management excellence by creating a culture of innovation, product excellence, client service and risk mitigation

Our Mission: Trust Services is committed to serving individuals and families to help meet their diverse trust and investment needs across generations.

The Philanthropic Services team within WIM is looking to hire a Philanthropic Fiduciary Advisor (PFA) with legal and tax experience to focus on technical aspects of charitable planning and apply deep knowledge and skills relating to trusts, estates, tax, and fiduciary law in reviewing charitable trusts that name Wells Fargo Bank as initial or successor trustee. The PFA proactively identifies and addresses technical issues relating to accepting new philanthropic accounts, including potential tax, risk management, and administration/logistical concerns. The person in this role will focus on trusteeships and serve as backup reviewer/approver of new investment management agency opportunities for charitable orgs/trusts and non-charitable tax-exempt entities.

The PFA contributes to the growth of Wealth Management business by working with client-facing partners to facilitate new philanthropic client acquisition, leveraging fiduciary skills and specialized knowledge in reviewing complex opportunities. This national role involves working closely with regional Philanthropic Specialists, Estate Services Specialists, and other internal partners across the Wealth Management footprint (all states). The PFA also works directly with attorneys and other external advisors of philanthropic clients/donors to facilitate Wells Fargo’s acceptance of new and existing charitable trusts, collaborating to identify potential roadblocks, resolve concerns, and preempt issues that might otherwise arise. The PFA generally has no direct contact with external donors themselves but furthers their charitable goals by helping their advisors navigate complex details behind the scenes.

The PFA has no sales goals and does not serve on the relationship or administrative team for an assigned book of accounts, though prior experience with either could be helpful. Instead, the PFA helps regional client-facing specialists throughout the U.S. evaluate a high volume of new and potential philanthropic business, identifying and resolving complex technical hurdles to help Wells Fargo accept new trusteeships and administer them in compliance with governing documents, federal tax law, state fiduciary/trust laws, and bank policies and procedures. More specifically, the PFA will:

(1) Analyze trusts and other complex legal documents (court orders, etc.) relating to new and potential charitable/tax-exempt trustee accounts and provide philanthropic pre-acceptance approval or recommend declining as appropriate.

(2) Review documents relating to future charitable trusteeship appointments even when no new account is needed currently—e.g., estate planning documents that will fund charitable trusts at a living donor’s future death. Work directly with the donor’s attorney and provide detailed feedback from WFB’s perspective as potential trustee to facilitate the trust’s acceptance and administration per donor intent as well as charitable tax qualification.

(3) Navigate technical hurdles relating to private foundation and public charity formation and administration, grant/scholarship programs, endowments, restricted grants, charitable deduction issues, tax-exempt status, special/illiquid asset gift acceptance, unrelated business income tax, excess business holdings, self-dealing, taxable expenditures, minimum distributions, excess benefit rules, and state law compliance (including attorney general, secretary of state, and other registration rules).

(4) Coordinate with internal Tax team and others in reviewing prior tax returns and account statements for successor trusteeships to identify major tax qualification concerns that might affect the bank's ability to serve as trustee, developing plans to resolve issues if possible/appropriate.

(5) Help internal partners prepare for philanthropic planning conversations with donors involving charitable trusteeships; communicate directly with partners and centers of influence (external attorneys/advisors) throughout the U.S. and collaborate to develop and implement creative solutions relating to charitable gift and estate planning strategies—e.g., bequests, charitable remainder trusts (CRTs), charitable lead trusts (CLTs), private foundations, donor advised funds, and other planned giving vehicles.

(6) Analyze and apply state-specific fiduciary and trust law requirements across a nationwide footprint and advise internal partners regarding same as they relate to charitable trusts and Philanthropic Services' fiduciary products and services.

(7) Partner directly with outside counsel for the bank to coordinate trust modification court actions and nonjudicial settlement agreements when necessary before a new charitable trust account can be opened and a Philanthropic Administrator can be assigned—e.g., when an estate will fund a new charitable trust lacking required tax language.

(8) Develop a deep understanding of internal policies and procedures relevant to philanthropic business and advise others regarding same. May be asked to represent Philanthropic Services in helping Risk, Compliance, and Legal update or create relevant policies, procedures, forms, and other internal guidance.

(9) Use technical expertise to assist with other duties as assigned.

The PFA must be willing and able to:

(a) Thrive working with others throughout the U.S. mainly by phone and through email, including leading calls with outside counsel for charitable donors and others but no direct contact with external donors/customers themselves.

(b) Review and analyze complex legal documents thoroughly, effectively, and timely.

(c) Independently research, analyze, and resolve complex charitable tax/legal issues and concisely explain them to laypersons and others without providing (or appearing to provide) tax or legal advice.

(d) Manage multiple projects, set and adjust priorities, work under pressure, and maintain composure and a sense of humor while doing so.

(e) Independently stay informed regarding changes to federal tax law, state law, and banking regulations affecting job duties.

Initially, the PFA will work 100% remotely (telecommuting from home). This will continue until at least October, possibly later. Because this is a national role, any location with a Wealth Management office will be considered. Travel Expectations: Likely only as needed to attend occasional team offsites and in-person training—e.g., 1–3 short trips per year (if that).

To be considered for this position, provide a resume and a cover letter that explains how your professional experience relates to the qualifications and responsibilities described in this posting. Don't miss this unique opportunity to use your attention to detail and creative thinking skills to help donors throughout the country achieve their charitable goals. The learning opportunities are endless in this rare national role, which provides exposure to more interesting charitable strategies and fiduciary issues in one year than most legal advisors see in an entire career.

A few possible locations are listed below, however this job is open to other locations within the Wells Fargo Wealth Management footprint.

Salary range is determined by the location of the job.

The salary range displayed below is based on a Full-time 40 hour a week schedule:

420 Montgomery St, San Francisco, CA 94104-1207  (Area 00) Min: $141,100  Mid: $201,600  Max: $262,100
101 N Independence Mall E 4th Philadelphia, PA 19103-2707 (Area 1)  Min: $129,400  Mid: $184,800  Max: $240,200
401 S. Tryon St, Charlotte, NC 28202-1911 (Area 2)  Min: $117,600  Mid: $168,000  Max $218,400
111 Congress Ave, Austin, TX, 78701-4050 (Area 2)  Min: $117,600  Mid: $168,000  Max $218,400
320 Broad St, 4th Floor, Charleston, SC 29401-1210 (Area 3)  Min: $105,800  Mid: $151,200  Max: $196,600

May be considered for a discretionary bonus, Restricted Share Rights or other long-term incentive awards.

Required Qualifications

  • 10+ years trust/fiduciary experience demonstrated through work, military or education experience

Desired Qualifications

  • A Juris Doctor (JD) degree
  • Knowledge and understanding of philanthropic concepts
  • Knowledge and understanding of fiduciary law and federal regulations
  • 5+ years of estate planning experience
  • Strong attention to detail, including accuracy in grammar and a sharp focus on eliminating errors
  • Strong, clear and concise written and oral communication skills
  • Strong analytical skills with high attention to detail and accuracy
  • Ability to identify and manage complex issues and negotiate solutions within a geographically dispersed organization
  • Ability to interact with all levels of an organization
  • Strong research and documentation skills
  • Ability to initiate action, make difficult decisions, and generate creative solutions
  • Ability to identify risk factors and provide alternatives to mitigate

Other Desired Qualifications

  • Significant experience drafting or reviewing private foundation trusts, charitable remainder trusts, and charitable lead trusts
  • Experience with post-mortem estate planning, death settlement, and estate administration / tax considerations affecting charitable trusts
  • Experience reviewing and providing feedback on legal documents drafted by other attorneys
  • Passion for patiently ensuring documents and written communications are precise, clear, and accurate
  • Knowledge of trust and fiduciary laws of multiple states; experience navigating laws of various states
  • Ability to take initiative and work independently with minimal supervision in a structured environment

Job Expectations

  • Individuals in Loan Originator (LO) positions must meet the Consumer Financial Protection Bureau qualification requirements and comply with related Wells Fargo policies. The LO qualification requirements include meeting applicable financial responsibility, character, general financial fitness and criminal background standards. A current credit report will be used to assess your financial responsibility and credit fitness, however, a credit score is not included as part of the evaluation. Successful candidates must also meet ongoing regulatory requirements including additional screening, if necessary.
  • Ability to travel up to 5% of the time

Salary Information

To be determined

Street Address

CA-SF-Financial District: 420 Montgomery - San Francisco, CA
PA-Philadelphia: 101 N Independence Mall E - Philadelphia, PA
NC-Charlotte: 401 S Tryon St - Charlotte, NC
TX-Austin: 111 Congress Avenue - Austin, TX
SC-Charleston: 320 Broad Street - Charleston, SC

Disclaimer

    All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.



    Relevant military experience is considered for veterans and transitioning service men and women.

    Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.

Benefits Summary

Benefits
 

Visit https://www.wellsfargo.com/about/careers/benefits for benefits information.

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