Getting beyond the commodity trust company model requires innovation that can turn heads. National Advisors is a case in point.
They have developed a service model that delegated investment and relationship management to financial advisors while providing professional trust and administrative services. They have been named one of America’s most advisor-friendly trust companies by Wealth Advisor.
Access to a Wide Range of Assets
Trusts are incredibly sticky assets that help financial advisors retain clients for generations. They are essential for estate planning and a key to wealth transfer.
Advisor friendly trust offers various innovative ideas and strategies for assisting clients with their estate plans. They also help financial advisors create new trusts and transfer existing beliefs under the management of the financial advisor by handling the heavy lifting of changing the trustee.
Advisors must work with a trusted company that shares their vision of a partnership approach and prioritizes collaboration. The vetting process can involve asking how many accounts the firm typically assigns each trust officer. The answer can provide insight into the level of service that will be provided. In addition, advisors should look for a trusted company that is flexible enough to accommodate complex assets. The ability to do so will increase the value of the services offered to clients.
Reduced Fiduciary Risk
A trust company considered advisor friendly tends to work collaboratively with financial advisors rather than treating them as a client-vendor relationship. This enables the trust company to provide clients with a high-quality experience that reflects positively on the advisor.
When choosing a trusted company, consider a shared mission and values, prioritizing client success and advisor empowerment. Additionally, check the fiduciary duties of a trustee, then find a partner with a track record of prioritizing innovation, adaptability and collaboration to foster a successful partnership.
In the past, many trusts named a single trustee as their sole fiduciary. However, a broader mix of fiduciaries can achieve more flexibility, better tax results and enhanced asset protection. Whether additional fiduciaries should be named and how they should be vested will depend on the specific circumstances of each case. Ask a potential trust company how many accounts they typically assign to each trustee. This helps ensure that you maintain consistent communication and coordination with the team.
Personalized Service
For financial advisors, the most important factor when choosing a trusted company to work with is the quality of service. Fortunately, many top advisor-friendly trust companies provide white glove services tailored to their client’s needs.
These firms understand that working closely with financial advisors leads to better communication, more efficient processes, and a shared goal of meeting clients’ needs. In turn, this creates a seamless collaboration that benefits everyone involved.
When evaluating advisor-friendly trust companies, look for one that assigns a single, dedicated trust officer to each account. This helps to ensure that your clients receive personalized attention and responsive service from someone who knows them well. It also allows you to ask questions and get answers promptly. Additionally, a good advisor-friendly trust company will offer directed trusts that enable asset managers, insurance professionals, family offices, and family partnerships to retain control of the investment process (and fees). At the same time, the independent trustee administers the trust.
Flexibility
With a trusted advisor-friendly trust company, clients can enjoy a streamlined experience. This helps to eliminate the need for clients to bounce between multiple professionals, which can lead to miscommunication and delays. Instead, a trusted advisor-friendly trust company will work closely with financial advisors to provide tailored solutions.
In addition, a trusted advisor-friendly trust company provides various flexible options for wealth transfer and estate planning. These services include avoiding probate, which can be time-consuming and expensive for families. They can also protect from trust fund kid issues by utilizing silent trusts under South Dakota law.
When choosing a trusted advisor-friendly trust company, look for subjective factors demonstrating their dedication to working closely with financial advisors. These include a shared mission, adaptability, and collaboration.
