Account Administrator - Incoming Payments
MILLENNIUM TRUST COMPANY is a rapidly-growing, leading financial services company offering specialized retirement and institutional services. Whether clients are managing corporate retirement assets, running a business or wanting choice beyond traditional asset options, we provide flexible and digital solutions to support our clients’ success. Ultimately, we aim to educate and increase access to investments to help our clients on their journey to retirement readiness, but do not provide investment advice.
Millennium Trust has experienced year-to-year double digit growth and prides itself on its strong, progressive culture. We have been recognized for our tremendous growth on lists, such as Crain’s Fast 50 and Inc. 5000, and have also been recognized for our positive workplace culture on the 2019 Best Places to Work in Illinois list, as well as the 2019 Model Workplace Award and 2018 Champion for Young Professionals Award from the Greater Oak Brook Chamber of Commerce. Millennium Trust employees live out the values of Do Right, Excel, Collaborate, Innovate and Celebrate and deliver the brand promise of going “Above and Beyond,” so each client experiences the highest level of service.
We are always looking to expand our growing team with dynamic and enthusiastic individuals. If you enjoy a collaborative, fun environment that encourages career development, Millennium Trust is the place for you!
POSITION SUMMARY:
The Account Administrator – Incoming Payments is responsible for posting incoming payments coming from assets held by Millennium Trust Company as a custodian, and clients, while ensuring that activities are completed accurately and efficiently by adhering to Company policies, procedures and established service levels. This position will also be responsible for identifying information required to post funds to the proper account and researching incomplete information as needed. The ideal candidate will have strong attention to detail, math skills, accurate data entry capabilities, capacity for multitasking, and the ability to prepare and process correspondence in a timely manner. Within the Incoming Payments Team, there is a high degree of teamwork and cross training. The incumbent will collaborate with team members, investment sponsors, clients, and various internal departments to resolve any issues that arise in the best interest of client.
ESSENTIAL JOB FUNCTIONS:
- Review funds received to identify all information necessary to properly code and post incoming payments related to investments. Required information includes asset, payer, client and purpose of the payment
- When information is not readily available, contact investment sponsors and clients via email and phone to gather additional information required to properly apply payments
- Code funds received with the appropriate tax and transaction codes
- Research, reconcile and resolve any issues that arise, including posting adjusting transactions as necessary to properly reflect prior payments
- Post payment transactions to the Trust Accounting System and scan related documents into the Client Account Portal accurately and timely
- Review, research and complete all Confirmations of Receipt of Funds
- Follow up on standard and RMD liquidations processed through Millennium Trust Company with sponsors and clients
- Follow up with sponsors and clients on holdback amounts
- Work with the Client Service teams as necessary to obtain required documentation for processing
- Process returned items as received for checks, wires and ACH transactions
- Record important notes and supporting documentation within the Client Account Portal
- Review and record alternative asset valuation updates, which includes analyzing sponsor statements and reconciling activity to the Trust Accounting System to identify and resolve differences
- Ensure that work generated consistently adheres to Company policies and procedures and meets established service levels
- Effectively communicate and utilize sound judgement to escalate issues that may require intervention of the Team Lead or Supervisor
- Assist in the development and revision of policies and procedures with emphasis on internal controls
- Actively share ideas to improve department processes and efficiencies
- Other duties as assigned
EDUCATION, EXPERIENCE AND SKILLS REQUIRED:
- Bachelor's Degree Accounting, Finance or related field
- 1 - 3 years of applicable experience
- Ability to be detail-oriented, organized and dependable
- Possess a strong aptitude for numbers and reconciliations
- Proactive and analytical, able to problem-solve and propose solutions
- Operate efficiently, with a high degree of accuracy and follow-through
- Proven ability to both prioritize and manage multiple tasks to completion
- Ability to work effectively and accurately under pressure
- Possess excellent verbal and written communication skills
- Operate with a high sense of responsibility and conscientiousness in delivering results
- Demonstrated ability to be a team player
- Optimistic with a consistently positive and flexible attitude
- Demonstrated strong computer aptitude and proficiency with Microsoft Excel, Word and Outlook
- Ability to maintain the highest quality of service
- Working knowledge of Trust Accounting System, IRAs and alternative assets preferred
Check out a video on our Company Culture! Millennium Trust Culture