The Challenge: Statistics have shown that 80-95 percent of an advisor’s accounts leave the advisor after the client passes away (if a family member or bank is named as successor trustee). We are currently witnessing the largest generation shift of wealth in United States history. If financial professionals do not do anything to keep the next generation in their book of business, they are most likely to be fired by heirs.
The Answer: Partner with an advisor-friendly trustee. Financial Professionals that have Premier Trust listed as successor trustee on their clients’ revocable living trusts substantially increase their odds of managing assets into the next generation. Why prospect for the same assets again?
Given the choice, many clients would name their financial advisor as trustee of their trusts. Most financial institutions view this as a conflict of interest and prohibit their financial professionals from serving in this capacity. The next best solution is to work with an advisor-friendly trustee that will not poach your book of business. Make Premier Trust your partner in implementing wealth strategies that can provide financial security for generations.
How easy is it?
- The client’s attorney will need to draft an amendment inserting Premier Trust, Inc. A Nevada Chartered Trust Company as successor trustee. That is the only verbiage we require in the trust document.
- The advisor sends us a copy of the trust for our files. We will then tie the advisor, attorney, and CPA to the trust account on our internal system.
- Premier Trust is now aware of its future responsibility and can step in as successor trustee if the client were to become incapacitated or pass away. *We will not charge our fee until we actively step in as successor trustee and start our administration.
- Financial Professionals retain assets under management
- Account stay on the advisor’s platform for a seamless experience. We work with all custodians
- Can administer trusts with assets of $500k and greater
- Exceptional customer service and responsiveness to financial professionals and beneficiaries
- The account is assigned to an administrator who will work directly with the advisor
- Customizable account relationships: We will work as your back office. You can have all client interaction run through you, or have us deal directly with the trust beneficiaries
- Nevada Advantage: No state income tax when the trustee is located in Nevada
- Mitigate negative family dynamics typical when the trustee is a family member
- Complimentary Trust Reviews: We provide administrative trust reviews, free of charge. We do not provide legal advice.
- Portability – We follow the advisor. If you change broker-dealers, we will follow you.
- Work with your trust officer to develop an investment policy statement that meets the objectives of the trust and best serves the beneficiaries.
Why Work With Us
Partnering with an advisor friendly trustee allows financial professionals to continue to manage assets for the next generation without the fear of losing control of their client relationship.
Premier Trust can act as successor trustee or co-trustee on the following:
Revocable Living Trusts
Life Insurance Trusts (ILITs)
Special Needs Trusts
Nevada Asset Protection Trusts
Premier Trust can be Custodian for Self-Directed IRAs with non-traditional assets
The 3 Most Common Ways Financial Professionals Use Premier Trust
Name Us As Successor Trustee On Your Client’s Trust…
It does not cost anything to name us in the document and we will not charge our fee until we are actively administering the client’s trust. Ensures clients’ wishes stated in the trust are followed, including retaining you as the advisor and helping you keep assets under management.
Do you have a client that is the beneficiary of a trust that is currently being administered by a large bank or trust company? Are they unhappy with the trustee? We can replace a current trustee of an actively administered trust and delegate the investment management to you.
Self Directed IRAs…
Do you have clients that want to invest in non-traditional assets inside their IRA? We can custody assets that cannot be held on your traditional brokerage platform.
Prospecting for Trust Business:
- Do you have a client looking for a successor trustee or wants to change trustees?
- Do you have a prospect with an existing trust at a large bank and is unhappy with the current trustee?
- Do you have a client that recently went through a life change and would like there trust reviewed?
- Second marriage, births, deaths, health concerns, purchase or sale of real estate
- Do you have a client with concerns about inheriting money?
- Do you have a client looking to hold real estate in their IRA?
- Do you have a client looking to sell a business?