America's Most Advisor-Friendly Trust Companies 2024 - 10

2024 AMERICA'S MOST ADVISOR-FRIENDLY TRUST COMPANIES
Even if they wanted to try and capture
you clients, they couldn't. And
nobody I've spoken has something
even close to that urge. That's a
platform that you can rely on as you
build closer partnerships, unlock joint
efficiencies and become a more nimble
competitor.
It's a rare thing to be advisor centric.
A large percentage of trust companies
can't-or won't-really do that. They
offer one-size-fits-all, commodity
service solutions that worked alright
in the past, but will look increasingly
behind the curve as the path of
Washington policy blazes on. Many will
be perpetually distracted as they fight
to reassert their relevance.
Others, meanwhile, will embrace
internal agendas and expand at any
cost, even if that means betraying the
investment advisors they once vowed
never to compete against. They're
actively hiring reps to staff their offices
and build face-to-face relationships
with the wealthy investors they were
introduced to in good faith. You won't
find those companies here.
WHAT DO TRUST
OFFICERS DO?
The trustee is the person or corporate
entity that manages the trust's affairs
in order to ensure that it achieves
the goals set by its creators. Trust
administration issues, deadlines and
procedures can strangle otherwise
financially sophisticated people in red
tape.
This is a fiduciary role, and as such
the penalties for failure are clear-cut
and severe. Your clients already know
what you do to manage their money,
but the trustee relationship is likely to
be new and somewhat outside their
experience.
You want to remain the primary point
of contact between clients and the
trust company, and, therefore, you
have to have a basic understanding
of the primary duties of the corporate
trustee and any trust officers assigned
to your clients' accounts.
Non-discretionary tasks are not
optional. These include making income
payments monthly, quarterly, annually
or as otherwise directed by the trust.
Trustees must also pay out principal
as set forth in the trust and attend
to all other matters the trust directs.
Tax and other filing deadlines must
be met in full. Any additional duties or
instructions explicitly called for in the
trust documents must be carried out.
Discretionary tasks give the trustee
more room for personal interpretation.
If the trust is silent on an issue, the
trustee's fiduciary duty may require
him or her to make discretionary
HOW TRUST COMPANIES HELP ADVISORS
ANSWER TRUST
QUESTIONS
EDUCATE FAMILY
MEMBERS
PROVIDE TRUST
EDUCATION
HELP TRANSFER
TRUST ACCOUNTS
MARKETING
SUPPORT
INTEGRATED
TECHNOLOGY
COPRODUCE
EVENTS
110%
106%
98%
84%
55%
47%
36%
10
America's Most Advisor-Friendly Trust Companies 2024

Table of Contents for the Digital Edition of America's Most Advisor-Friendly Trust Companies 2024
