About the position
The Escrow Product Administrator is a strategic professional who will assist the CPB Escrow Team with the servicing of its rapidly growing account base. The Escrow Team in Preferred Custody Services is a product within the Banking and Custody unit of Citi Private Bank's North America region, and is part of the larger Institutional Clients Group ('ICG') division of Citigroup. The group is client facing and is comprised of two main businesses including traditional custody/safekeeping services and escrow agent services which involves custody of assets held in escrow. The client base for the escrow business includes Ultra High Net Worth Individuals and Families, nationally recognized Law Firms and their Partners, and Institutional Entities such as RIA's, Hedge Funds and Private Equity firms that primarily seek escrow services for various transactions in which they are engaged.
Responsibilities
- Work closely with Junior Escrow Product Specialists on all aspects of escrow account openings, including account set-up and submissions, monitoring incoming wire queue for new accounts, establishing appropriate cash sweeps for each account and ensuring funds are properly credited to new accounts.
- Administer / set up fees for new accounts, including fee approvals, waivers, and collection of fees.
- Work closely with the Escrow Service Team to track all account closings to ensure that accounts are closed on a timely basis and residual funds are properly disbursed.
- Responsible for routine maintenance items such as arranging for online access, address changes, adding / removing authorized signers and imaging appropriate documentation (amendments, etc.).
- Assist with gathering information / preparation of year-end tax reporting.
- Contributions to the development of new techniques and the improvement of processes and work-flow are encouraged.
- Evaluate moderately complex and variable issues and apply appropriate problem solving skills in the development of solutions.
- Work closely with all members of the CPB Escrow Team and Escrow Services Team to provide an exceptional Client Experience to Private Bank clients nationwide.
- Act as a source of technical expertise within the team, keeping abreast of developments and offering support and guidance.
- Deal with complex issues and challenges as they arise.
- Ability to work well with other CPB product partners in meeting client expectations.
- Resolve client inquiries and issues on a timely basis and as accurately as possible.
- Direct contact with clients and their attorneys, accountants, third party vendors, representatives, etc.
- Daily interaction with Private Bankers, Banker Associates, Service Officers, and other internal constituents as necessary.
- Ensure compliance with all legal and regulatory policies and requirements of the Private Bank.
- Resolve client inquiries and issues on a timely basis and as accurately as possible through effective and efficient use of Private Bank resources.
- Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets.
Requirements
- 3 - 5 years of experience in the financial services industry.
- Prior experience with escrow transactions and settlement funds is helpful but not mandatory.
- Communication skills, problem solving, project management, analytical skills.
- Candidate must be well-organized and highly efficient. Ability to effectively multi-task and prioritize assigned tasks is critical.
- Technical skills: thorough knowledge and familiarity with Microsoft Word, Excel, and Outlook is required. Familiarity with internal Citi systems is helpful but not mandatory.
Benefits
- Medical, dental & vision coverage
- 401(k)
- Life, accident, and disability insurance
- Wellness programs
- Paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays
