When it comes to managing wealth and assets, a trust company can be an essential part of the equation. A trust is a legal arrangement in which assets are held by a third party (the trustee) on behalf of one or more beneficiaries. The trustee has fiduciary responsibility to manage the assets according to the terms of the trust document and in the best interests of the beneficiaries.
Trust companies offer a range of services such as trust administration, investment management, estate planning, and more. Choosing the right trust company is crucial for ensuring that your clients’ financial goals are met and their assets are well-managed.
In this article, we’ll take a closer look at America’s most advisor-friendly trust companies, what sets them apart from others in the industry, and why advisors should consider working with them.
Criteria for Selection
To determine which trust companies are advisor-friendly, we looked at several factors including:
- Flexibility: Is the trust company adaptable to meet varying client needs?
- Customization: Does the trust company offer tailored solutions based on individual client situations?
- Personalized Service: Does the trust company provide hands-on service to clients and advisors?
- Accessibility: Is it easy for both advisors and clients to reach out to the trust company when needed?
- Experience: Does the trust company have a track record of success?
Based on these criteria, we’ve compiled a list of America’s most advisor-friendly trust companies.
Top Advisor-Friendly Trust Companies
1. Bessemer Trust
Bessemer Trust is one of America’s oldest private family offices. Founded in 1907, they specialize in providing comprehensive wealth management solutions for high-net-worth individuals and families.
Bessemer offers personalized investment management services along with fiduciary services such as trusts and foundations. Their team consists of highly trained professionals who work closely with advisors to create customized solutions that meet each client’s unique needs.
2. Fiduciary Trust Company International
Fiduciary Trust Company International has been providing wealth management services for over 80 years. They offer a range of services including investment management, trust and estate planning, and philanthropic advisory services.
Their team consists of experienced professionals who work closely with advisors to provide tailored solutions for their clients. Fiduciary Trust has a reputation for putting the needs of their clients first and providing excellent customer service.
3. Northern Trust
Northern Trust is a global financial institution that has been in business for over 130 years. They offer a range of financial services including wealth management, asset servicing, asset management, and more.
They are committed to working with advisors to create customized solutions that meet the specific needs of their clients. Northern Trust has an impressive track record of success and is known for its expertise in managing complex assets.
4. Wilmington Trust
Wilmington Trust is a leading provider of wealth management services for high-net-worth individuals and families. They offer a range of fiduciary services such as trusts, foundations, and estate planning.
Their team consists of experienced professionals who work closely with advisors to provide customized solutions that meet each client’s unique needs. Wilmington Trust is known for its commitment to personalized service and attention to detail.
5. Brown Brothers Harriman
Brown Brothers Harriman (BBH) is one of the oldest private banks in America with roots dating back to 1818. They specialize in providing wealth management solutions for high-net-worth individuals and families.
BBH offers a range of fiduciary services such as trusts, estates, and charitable giving vehicles along with investment management services. Their team works closely with advisors to create customized solutions that meet each client’s specific needs.
Choosing the right trust company is crucial for ensuring that your clients’ financial goals are met and their assets are well-managed. Trust companies that are advisor-friendly offer personalized service, flexibility, and customized solutions based on individual client situations.
Bessemer Trust, Fiduciary Trust Company International, Northern Trust, Wilmington Trust, and Brown Brothers Harriman are some of America’s most advisor-friendly trust companies. These firms have a track record of success and are committed to working with advisors to provide tailored solutions for their clients.
By partnering with an advisor-friendly trust company, you can help your clients achieve their financial goals and build long-lasting relationships based on trust and mutual respect.
What makes a trust company advisor-friendly?
An advisor-friendly trust company provides efficient and effective services that help advisors manage their clients’ wealth efficiently. They offer various tools and resources to ensure smooth communication between the advisor and the company, making it easier to work together.
Who are the target customers for an advisor-friendly trust company?
Advisor-friendly trust companies target financial advisors whose clients have significant estate planning needs, including high-net-worth individuals, business owners, and wealthy families.
Why should financial advisors consider working with America’s most advisor-friendly trust companies?
Working with America’s most advisor-friendly trust companies will provide financial advisors with top-notch support in managing their client’s wealth. These companies offer a comprehensive suite of services, coupled with exceptional customer service, making them ideal partners for any advisor looking for quality support.
What are some key features of America’s most advisor-friendly trust companies?
America’s most advisor-friendly trust companies offer customized solutions that meet their clients’ unique estate planning needs. They provide access to experienced professionals who can advise on various aspects of estate planning, including legal and tax issues. Additionally, they offer competitive pricing models that enable advisors to provide value-added services to their clients while still managing fees carefully.
Can small advisory firms benefit from working with America’s most advisor-friendly trust companies?
Yes! Small advisory firms can benefit from partnering with America’s most advisor-friendly trust companies as these firms offer tailored solutions that cater to any firm size. By leveraging these resources, smaller firms can grow their businesses by offering more specialized service offerings to their existing clients or attracting new ones.
How do America’s most friendly advisory-trust companies stand out from other providers in the industry?
America’s most friendly advisory-trust companies stand out by providing excellent customer service, customized solutions, competitive pricing models, and a range of tools to help advisors manage their clients’ wealth efficiently. They offer proactive communication that helps advisors stay informed of market trends and develop strategies that align with their clients’ goals.
What should financial advisors look for when selecting an advisor-friendly trust company?
Financial advisors should consider several factors when selecting an advisor-friendly trust company, including the company’s expertise in estate planning, specialized services and resources offered to support estate planning needs, exceptional customer service, competitive pricing models, and ease of communication with the firm.
How can America’s most advisor-friendly trust companies help financial advisors better serve their clients?
America’s most advisor-friendly trust companies can provide financial advisors with solutions that allow them to better understand their client’s needs and objectives. They offer the necessary tools and resources to meet these needs effectively while keeping up with changing market conditions. This way, advisors can offer personalized service offerings that cater to all of their client’s unique demands.
Do all trust companies have advisory services or work exclusively under advisory services?
No! Not all trust companies offer advisory services; some may restrict themselves solely to providing solely trustee services without the option for financial advice or consultation. It is always best to look carefully at what each company offers before making any investments or signing up for any services.
Can a financial advisor work with multiple advisory-trust companies simultaneously?
Yes! A financial advisor has the freedom to work with multiple advisory-trust companies simultaneously if desired. However, it’s essential to maintain transparency across both partnerships so as not to create conflicts of interest in any given situation.