Choosing an advisor-friendly trust company is a big decision. Look for a trusted company with values like collaboration and innovation that prioritize your partnership.
An advisor-friendly trust company can simplify estate planning for clients and create a recurring stream of high-quality, long-term recurring revenue for an advisor’s practice. It’s a win for everyone involved.
A financial advisor’s website is a critical component of a successful practice. It’s a place to demonstrate expertise, attract new clients and create trust with existing ones. But incorporating credibility-building elements into an advisor’s site can be challenging.
Credibility is the most important factor in attracting and maintaining clients. Unfortunately, credentials and titles only go so far in proving an advisor’s reliability. They often sound like marketing gimmicks; many consumers are wary of them.
Advisor-friendly trust companies offer a unique solution to this challenge. They help advisors create sticky assets by providing innovative ideas and strategies to move trust-linked accounts into their management. This allows an advisor to manage their client’s investment portfolio while ensuring asset retention. This eliminates the dreaded prospecting after a client passes away and the risk of having their existing accounts transferred to a family member or bank that may not have a relationship with the advisor.
When financial advisors work with an advisor friendly trust company, they get access to a wealth of tools and solutions that help them deliver personalized strategies to clients. This includes a suite of technology designed to facilitate the advancement of clients from self-service relationships to full-service advisory agreements.
Advisor-friendly trust companies can also provide valuable liability protection. An advisor-friendly trust company can protect a financial planner from potential lawsuits from clients’ heirs by serving as successor trustee of an existing revocable or testamentary trustee.
Save weeks of research and find an advisor-friendly trust company that can provide a complete solution.
When selecting a trusted partner, advisors want more than just a company with deep expertise. They want a firm that understands their pain points. Onboarding, distributions, mediating disputes among beneficiaries and managing fiduciary risk are time-consuming and require significant resources.
The ideal advisor-friendly trust company will prioritize these issues and provide seamless, personalized service that improves the client experience and strengthens the relationship between the advisor and their client. Look for a trusted company with a dedicated team who serves as a single point of contact and is responsible for communication and coordination with the advisor and their clients.
Expertise and Resources
As experts in trust services, these providers have a wealth of knowledge that helps advisors provide better outcomes for their clients. Working closely with advisors offers a streamlined experience that makes the process easier and reduces miscommunication and errors.
In addition, a trusted investment or financial advisor is the best person to manage their client’s assets. This is especially true if the client has a directed trust, which enables the adviser to make investment decisions for the beneficiary. A non-advisor-friendly trust company could poach this business from an advisor after the client’s death, which would negatively impact the income and value of the advisory practice.
For these reasons, advisors must work with a trusted investment or financial advisory firm offering a dedicated trustee service.