A top goal for many financial advisors is the ability to maintain and continually expand their client base. One way to achieve this is through client retention by working with multiple generations of the same family. Offering trust services allows you to build your client's wealth well into the future while at the same time creating a strong business relationship with their beneficiaries.
Partnering with a trust company will allow you to provide comprehensive solutions through a reliable and dedicated company. You will be able to offer trustee services without needing to gain the specialized experience. There are 5 key aspects to look for in a trust company.
Allows the Financial Advisor to Decide the Service Roles:
Only you know what trust services you want to provide to your clients, and which ones should be handled by the professionals. When selecting a trust company, they should be open to allowing the financial advisor to keep control over the implementation and administration of the customer's trust.
You may desire to be the investment manager as the trust company handles the trust administration. In other circumstances, you may desire the trust company to take on both roles. Having a trust company that provides you with such service control allows you to handle the work that you are best at, as the trust company fills in the service gaps.
Offers a Full Spectrum of Trust Services:
The trust company should provide a full range of services to the financial advisor so they can stay competitive. Asset protection, charitable giving, special needs trust, decanting trusts, estate settlement, generational plans and many other services should be some of the offerings that the trust company provides.
Keeps Up to Date with State Trust Laws:
Each state has its own laws governing trusts. Also, these laws may change periodically to keep up with the changing times. A trust company should be aware of how the particular state governs trusts, as well as know of the updates and modifications to laws that could impact the financial advisor's customers.
Show a Proven Track Record of Successfully Working with Financial Advisors:
There is a difference between working with a financial advisor, and partnering with them to create a successful business relationship where both parties respect the strengths that each provides to the customers. You want to select a company that focuses on the latter option. They should offer the services you need, without taking full control over your customers or having their service work lacking on their end.
Has a Staff of Professionals that Allows You to Tap into Their Available Knowledge:
There are times when your customer may require more comprehensive knowledge regarding a specific aspect of trust planning. This may consist of a tax issue or legal requirement that is beyond your present expertise. Look for a trust company that has the internal trust professionals and legal staff available when you need them.
When it comes to trust planning and wealth management, your customers deserve the best services while you need to stay competitive in the financial advisor industry. Partnering with the right trust company allows you to provide comprehensive and enhanced services so you can build your client base and retain customers. For more information about trust and estate services, contact Dunham Trust Company.Subscribe to the Dunham Blog