There are two types of people in the world financially — (1) Those that spend first and save last, and (2) those that save first and spend last; If you’re the type of person who falls into the latter group, then it may be time for you to choose a financial planner. (more…)
In this blog, you'll learn about trust administration fees.
You can control trustee fees around trust administration. Part of the answer centers on streamlining the trust document for trust administration. The other part rests on controlling how a trustee charges its fees.
You have the power to use a corporate trustee on your terms — not theirs.
Trust administration provides the key ingredient or secret sauce to any trust experience.
In this blog, I will briefly go over the key pieces to great trust administration. As a co-founder of an advisor-friendly trust company, we understand the frustrations advisors and beneficiaries have with a bank trust departments.
Let's start working through how trust administration works and why. Knowing this information and knowledge gives you the power to pick a trustee based on your terms.
Trust distribution guidelines in the trust document create the foundation of success or failure. Parents and grandparents must consider how trust distribution definitions fall under the supporting or enabling type. Having some plan leads to a balanced outcome for current and future generations.
Most financial advisors and clients are well aware of what directed trusts can do for them — mainly, provide flexibility on management of trust assets. There is a lot of 'noise' about directed trusts and explaining the hows, whys, why nots etc. is important for all to know.
The critical thing to keep in mind is that the trust industry is undergoing a quiet revolution that has wrested control of trust accounts away from traditional trustees — primarily banks and other large institutions — and back into the hands of independent trust companies, advisors, and (most importantly) clients.
Millennials will challenge you. This is a good thing. If you don't adapt to different generations, wants and needs, you have a fuzzy problem. Traditional companies have a hard time marketing to millennials and Gen Z-ers.
In our opinion, we believe corporate America generally misses the mark on how to market and to service these two generations. We admit our corporate trustee services are boring, though important.
Despite this, we are enjoying the process of adapting to the most engaging way to service these younger generations.
Some find it challenging to adapt. Frankly, that is the fun part of the business.
