the winners list · * perpetuities. conventional trusts can expire a few decades or maybe a century...

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2016 AMERICA’S MOST ADVISOR-FRIENDLY TRUST COMPANIES IN DELAWARE

AMERICA’S MOST ADVISOR-FRIENDLY TRUST COMPANIES IN DELAWARE

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THE WINNERS LIST

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Just as nearly 60% of the Fortune 500 makes its home in Delaware, a number of prominent families have established the state as the place where their money resides. The names and exact numbers are confidential, of course, but this is unquestionably the heart of “high society” and new money alike.

Naturally, the banking system that grew up around that wealth is uniquely suited to serve its needs. These institutions aren’t fussy or lost in some antique Gilded Age – if anything, they include some of the leanest, most pragmatic and technology-forward organizations in the industry – but they also know how to provide service that is as close to flawless as it gets.

Like the old money they evolved to serve, Delaware trust companies have remained vibrant and open to in-novation. Over the last generation, this was often one of the first states to roll back restrictions on locally domiciled trusts, enticing money from across the world to flow into the Diamond State.

It’s working. As early as 1986, Delaware had captured 3.6 times as many trust assets per capita as a tradi-tionally wealthy state like New York. In recent years, the flows are skewing closer to 26 dollars in Dover for every one on the screens of Manhattan institutions.

If wealthy families of today want to keep their money in the best place for the long term, Delaware needs to be on their map. And if the advisors of those families want to give their clients truly dynastic service and re-main relevant across generations, they need a partner on the ground who they can work with: someone they can rely on not to cut the advisor out of the loop.

According to the wealth managers in the Trust Advisor audience – the kind of people who actually work in an RIA, accounting firm or family office – the first firm in Delaware advisors think of calling is New York Private Trust Company.

I’ll discuss why this is both an apt and interesting choice later in this report, but for now I want to lay out why wealthy families choose Delaware in the first place and why the ability to recommend a Delaware trust helps their advisors remain competitive.

TRUST HAS BECOME ESSENTIALCompetition for high-net-worth accounts has never been fiercer. Every advisor in the US is on the hunt for wealthy clients looking to provide the best mousetrap and service offering for their clients. In the process it goes without saying that high wealth accounts trust services.

Today’s wealthy families are not willing to settle for someone who will simply manage their portfolios or give them a template for a financial plan. They’ve learned to use the Internet and they know there are all-in-one firms that can give them tax advice, insur-ance, estate planning, philanthropy, wealth transfers to future generations and more.

Your clients want a holistic approach with specialized expertise. They demand a financial advisor who will not only act as a go-between with the markets but as a guardian of every aspect of their financial lives. They’re happy if you outsource some of the details, but they want you to be the quarterback and concierge keeping track of all the players and the moving parts.

The Once and Future Trust ParadiseLike so many of the underpinnings of the modern financial universe, the trust industry as we know it started in Delaware, where some of the world’s wealthiest families ensured that their dynastic assets could grow under the most favorable conditions available at the time.


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And as it happens, one of the top items on their wish list is the ability to create and use trusts. The question isn’t whether a trust makes sense for your top clients. What they’re already asking is where they should establish their trust and who is going to help them do it. If you’re not part of the solution, they’ll get what they want somewhere else.

WHAT MAKES AN ELITE TRUST STATEWhile only a relative handful of U.S. states support all of the major types of trust that your clients may need, anyone from any state can set up a trust in any juris-diction. Many families and individuals have sent their representatives and their wealth across state borders, time zones and even oceans in order to find the best place to set up their trust.

After that point, of course, the trust creators and ben-eficiaries can go on living wherever they want.

But which states make the cut? The answer depends on what your clients may need, and on that basis, it can be useful to consider how a typical large family office that serves ultra-high-net-worth investors structures its search for a trust jurisdiction.

Family offices opt for maximum flexibility when the time comes to decide where to set up the new trust. The rationale is clear: even if the prospective trust grantor doesn’t need a particular tax benefit or class of protection at the moment, circumstances change.

And since the goal is to make multiple generations part of the equation, the trust must be able to evolve with the family’s needs, no matter how hypotheti-cal or even unlikely a scenario may seem at present. Because of this, many advisors look for a combination of factors when searching for a trust company:

* Perpetuities. Conventional trusts can expire a few decades or maybe a century after the original grantor dies, but many states allow property to remain in trust for many generations longer than the standard state and in some cases forever. These perpetual trusts or dynasty trusts are a very popular technique for plan-ners and clients today.

* Favorable tax rules. Avoiding state income or capital gains tax is another key objective for planners to achieve for their clients. A few states do not impose an income tax on trusts. Delaware goes a little farther to incentivize out-of-state trusts by waiving the tax on income or capital gains distributed to non-resident beneficiaries.

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* Asset protection. Some states offer varying degrees of protection for locally domiciled trusts from the trust creator’s creditors. While the language can be so vague as to be useless in court, jurisdictions like Delaware have a rich body of statutes in place designed to shield property from legal claims and, as importantly, the legal precedent to back them up.

* Privacy. Most states have methods for insuring that fiduciary matters will not be a matter of public record, although some are stronger than others. However, state laws differ on beneficiaries’ entitlement to trust information and only a few states allow a trust instru-ment to delay or prohibit disclosure of trust informa-tion to future beneficiaries. Delaware leaves this up to the trust creator, allowing a wide range of flexibility while ensuring that matters of confidentiality are spelled out in the trust documents themselves.

* Delegation and/or direction. Needless to say, you want a trust provider that operates in a state that allows an outside advisor to manage the portfolio. But this is not quite as intuitive as it initially seems. Review state statutes permitting segregation of duties to make sure that the trustee will provide exactly the level of supervision you find comfortable -- neither more nor less.

THE DELAWARE ADVANTAGEFavorable tax rules encouraged generations of successful corporations to establish headquarters in the Diamond State, and as those companies generate wealth, their founders and other executives have set up trusts to help their heirs benefit from the environ-ment that built their fortunes in the first place.

Local legislators started to chip away at the standing rule against perpetuities as early as 1933, eventually opening the door to truly open-ended “dynastic” trusts in 1995. “Spendthrift” trusts that shield assets from nuisance lawsuits and other creditors followed, and at this point the state routinely places around the top of lists of destinations for families looking for the best long-term protection for their money.

Today, the state’s lawmakers still work closely with the local trust community in order to ensure that the statutes remain competitive, regulation is strict without being onerous and the assets keep flowing.

In many of these firms, the front office is still a little formal. It takes a significant investment of resources simply to operate in Delaware and keep the regulators happy, so trust companies working in the state tend to have more on display. The experience is somewhere between old world grand hotel and a night at the opera. If that’s what your clients expect, much less demand, they’ll fit right in.

And in the meantime, the back office and the regulatory framework that support that experience have evolved to ensure that the outcomes those high-end clients receive can match what they’d get anywhere else. Scale and sheer critical mass open up

FAVORABLE TAX

RULES ENCOURAGED

GENERATIONS OF

SUCCESSFUL

CORPORATIONS TO

ESTABLISH

HEADQUARTERS IN

THE DIAMOND STATE


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capabilities trust companies in other states can only envy, without forcing clients to pay a premium.

Connect those dots, and while I’ve seen the jurisdiction wars fade out and flare up over the years, Delaware maintains its ancestral home field advantage. Players jockeying for a place on the periphery come and go, but an address here casts a long shadow over every other trust destination on the planet.

Those who know the state’s competitive advantages rarely need to be reminded why this enclave has attracted $50 billion in personal trust accounts – about 7.6% of the total amount the FDIC tracks – into its institutions.

Press them on why the state punches above its weight, they’ll probably say something about the combination of a flexible trust code, favorable tax policy and the number of high-quality trust companies available to do business.

On the other hand, they might not be willing not talk much at all. Delaware fans don’t tout the state’s blessings very loudly. The tone is more need-to-know. If your clients are worth institution-level care and attention, they’ll probably be steered in this direction sooner or later. Until then, it’s an open secret.

But let that 7.6% share of the U.S. trust market linger a moment. While it may not look like Delaware has conquered the world, two bits of context are really revealing here.

First, as just one of 50 states in the union, Delaware boasts barely 0.2% of the total population. Either “the Small Wonder” breeds millionaires or wealthy families from other states are extremely eager to move their money across the border and park it in Delaware banks. Both answers are actually true, but odds are good that your clients live elsewhere.

Of course the trust creators, their beneficiaries and the advisors who guide them are spread across the world’s cosmopolitan centers and pristine wilderness havens. New York City, Washington, Denver, Seattle, Jackson Hole: They live wherever they like, secure in the knowledge that the money is in Delaware, as safe as it gets.

Why don’t we hear about them? Like the people they serve, these institutions prefer to operate under the radar so they can choose the partners they work with. They don’t advertise much. Like anyone else, they’re happy to accept new accounts, but they’re not neces-sarily eager to work with every dollar on the map.

BRIDGING THE ADVISOR/TRUST DIVIDEYou might be reluctant to send your clients and their assets across the country. Until recently, putting wealth into trust made enormous financial sense for an investor—as a shield against taxes, nuisance lawsuits and, in some ways, even mortality—but it also spelled financial hardship for the advisor.

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The problem stems from the fact that while advisors can do many things on their own, running a trust is not one of them. Teamwork is almost a necessity, and for too long, few if any trust companies were team players.

An individual can run a trust, but the complexity and fiduciary burden make it difficult—even unwise—for an advisor to do so. At this point, the SEC has ruled that any advisor who wants to serve as trustee or trust ad-ministrator will face expensive and onerous audits, and the advisor will also need to pay for enhancements to their liability insurance.

As a result, a third party needs to be identified to serve as trustee. Given the complexity of the task, this will often be a specialized corporate entity, a trust company or bank trust department.

Once again, as far as the trust and its creators are concerned, this can be a terrific solution. The corporate trustee has the resources and the expertise to man-age the paperwork, meet the filing deadlines and bear the fiduciary burden—but in the past, the advisor almost always got squeezed out of the relationship. To make things worse, trust companies built in-house investment departments as a way to expand their own revenue, while others evolved as captive affiliates of banks or even rival brokerage firms. For all practical purposes, moving client’s money into a trust managed by one of these entities meant handing a prize account to a competitor.

Today’s trust industry is still full of companies that compete directly with advisors for control of the assets. In Delaware, for example, Wilmington Trust has recently come under fire from its own ultra-high-net-worth trust families for taking over the way the assets and doing a lackluster job at it. Thankfully, their dominance is nowhere near as complete as it was.

Progressive trust companies recognize that invest-ment advisors are best suited to invest the assets and that the trust administration business is enough of a challenge in its own right. And Delaware supports vehicles known as directed trusts in which the advisor remains in the picture as mandated by the documents that establish the trust’s operations.

A directed trust is an arrangement that allows you, the advisor, to hand off the responsibility and burden of administering a trust to an outside corporate trustee but retain control over how the assets are invested. You earn the management fees and keep the assets on your books. The trust company earns its own fee for handling everything else: accounting, custody (if required), reporting and payments to the beneficiaries.

If the IRS needs to verify the numbers, the trust company handles it. If one of the people named in the trust documents has a special request, the trust com-pany handles it. If there is a family dispute about trust administration or litigation, the trust company handles it. Since both trustee and investment advisor are thus free to do what they do best, this aligns the interest of all service providers with the grantors and beneficia-ries themselves.

DELAWARE SUPPORTS

VEHICLES KNOWN AS

DIRECTED TRUSTS IN

WHICH THE ADVISOR

REMAINS IN THE PICTURE

AS MANDATED BY THE

DOCUMENTS THAT

ESTABLISH THE TRUST’S

OPERATIONS.

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WHAT ADVISORS WANT: NEW YORK PRIVATE TRUSTEvery time we ask our readers what matters to them when they pick a trust company to work with, the ability and desire to accept directed trusts go without saying. That’s the cost of doing business with the advisory community.

From there, three factors weigh more strongly than anything else. Reputation is just about everything: 75% of advisors want a partner that provides a little prestige and has solid to impeccable word of mouth. Half of you appreciate a long track record on the theory that the more years a firm has been doing business, the more experience its personnel have in working with unusual situations and “challenging” exceptions to the rules.

Finally, about 40% of the advisors we talk to want a dedicated trust officer to work with their clients directly. It makes sense. Personalized attention is what you built your client relationships around, so the idea of handing those relationships to an anonymous call center reflects poorly on your choices.

And when we asked our readers to pick the Delaware trust company with the strongest profile, an interest-ing split emerged. Institutional industry players like custodians and members of the banking community think about Wilmington Trust first. That makes sense: Wilmington is a tireless competitor and an elite brand with a sprawling $241 billion in fiduciary assets on its books the last time I checked. When your allegiances are tied to other giants, you naturally look to the insti-tutions you consider your peers.

However, while the advisors clearly felt the Wilmington pull, they gave another company the edge in terms of awareness and reputation. New York Private Trust Company is familiar to about two thirds of you, even though the company isn’t exactly named for Delaware. It started in Manhattan and retains a client-facing address there that radiates old Social Register money.

66.88%

63.66%

61.77%

60%

59.48%

58.95%

58.57%

56.67%

55.88%

52.94%

51.11%

SURVEY RESULTSNew York Private

Trust Company

Wilmington Trust Company

Reliance Trust Company of Delaware

Atlantic Trust

RBC Trust Company (Delaware) Limited

Commonwealth Trust Company

U.S. Bank Trust National Association

Key National Trust Co of Delaware

3 way tie for 9th: PGB Trust and Investments and Principal

Trust Company First State

BMO Delaware Trust Company

The Bryn Mawr Trust Company of Delaware

SURVEY METHODOLOGY: TheTrustAdvisor.Com commissioned an independent survey of its 175,000 regis-tered subscribers in June 2016. The survey was designed to uncover advisor's preferences and attitudes towards trust companies in Delaware. The findings presented are based on aggregated responses of over 100+ respon-dents. Specifically respondents were asked to rank their experiences with each trust company and identify the top three factors for selecting a trust company to work with.

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2016 AMERICA’S MOST ADVISOR-FRIENDLY TRUST COMPANY

Now what made New York Private Trust so special? Obviously the company has plenty of human resources to make each client feel special, along with hundreds of years of collective experience to smooth relation-ship wrinkles when they emerge.

The Delaware operation provides the advantages of a presence in the state, while the Manhattan sales office is exposed to the changes in the financial winds.To paraphrase the song lyric, if you can run money in New York, you can run it anywhere. This is already a destination for ultra-high-net-worth old money and well-heeled tourists alike.

And on the “alternative assets” side of the argument, the NYPT team has plenty of success stories to draw on about how they accepted the transfer of privately operated businesses and working property. They’ve done this before. They’re happy to do it again.

Finally, where I think NYPT really had the edge over its rivals in Delaware – fine companies, by the way – is its commitment to helping advisors and estate planners educate their own clients on how trusts work and why they’re important.

If you’ve ever fought with a client over the interfamily friction that appointing one child as trustee over their brothers’ and sisters’ accounts can create, you know how hard it can be. NYPT has done that. They already have the educational materials that make the case quickly and elegantly. Likewise, they can help when the time comes to suggest decanting an existing trust or converting a trust into a directed or delegated arrangement.

They understand that their role is to make your life easier, not more complicated. And I think that shows up clearly in their spot at the top of our Delaware list – and incidentally speaks to their reputation in the industry better than anything else.

THE FINE POINTS MATTER: MORE POINTS TO CONSIDERWhile most of the high-profile lists of top trust des-tinations focus on a few of the key criteria that drive family office decisions, true due diligence will reveal several other nuances that can make or break a trustee-advisor-client relationship.

Look for a state and a trust company that embraces total return trusts. In these arrangements, the trustee or associated advisor with investment powers can employ a total return approach instead of allocating income and principal according to a previously man-dated schedule.

This is a natural value generator over the long term as it aligns the interests of current beneficiaries who need current income now with those of the grantor and future generations. Letting the trustee determine whether distributions are made out of current income

RANKINGS OF TRUST COMPANIES IN DELAWARE

1. New York Private Trust Company

2. Wilmington Trust Company

3. U.S. Bank Trust

4. RBC Trust Company (Delaware) Limited

5. Commonwealth Trust Company

6. Atlantic Trust

7. Reliance Trust Company of Delaware

8. Principal Trust Company

9. First State Trust Company Delaware

10. The Bryn Mawr Trust Company of Delaware

11. BMO Delaware Trust Company

12. PGB Trust and Investments of Delaware

13. Key National Trust Co. of Delaware

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or principal helps to minimize ongoing tax liabilities. Meanwhile, the portfolio itself can be managed ac-cording to modern portfolio theory to seek maximum returns and not fixed income targets.Look to alternative assets. Does a trust company accept working real estate, hedge fund shares, private equity and other illiquid or unique assets, including foreign structures as part of a trust? These assets may be difficult or expensive to manage effectively, but a real world-class institution should be able to work with you to make a home for wealth that goes beyond conventional stocks and bonds.

In Delaware, for example, trusts can invest in any of the limited partnership and LLC vehicles the state famously supports. These closely held entities are especially appealing to entrepreneurs, professionals and other wealthy individuals who desire a certain level of privacy and a layer of legal separation from their assets. A trust holding a partnership or LLC enhances privacy.

Know where incomplete gifts are supported and where they are under fire. The IRS has given a green light to incomplete non-grantor (ING) trusts created under Delaware law, making the “DING” a generic term of art for estate planners around the country. Other states are not quite so lucky.In effect, the DING structure transfers the assets into trust but considers it “incomplete” while the grantor is alive, making it a form of revocable trust. This ensures that the assets themselves are available for the grantor’s use while offering some protection from potential creditors. Investment income builds up in the trust free from state income tax, provided of course that the trust is in a state where no such tax applies.

Are there enough options? Some states are great trust jurisdictions but a limited list of trust companies makes it difficult to ensure that your clients are really making the right choice. Try to look at as many pos-sible partners as you can in a given jurisdiction so you can appreciate their strengths and weaknesses.

Gauge institutional capability as well as operational risk. Your best clients demand a long-term relationship that will not falter in their lifetime, much less the life-times of what could become generations of their heirs.

A viable trust company referral should have the finan-cial backing to survive for the long term. As we have learned over the last decade, poorly capitalized or overleveraged institutions can fail disastrously. Investi-gate at least as thoroughly as you would research an investment manager. Is the operation robust enough to remain viable in any conceivable scenario? If not, keep looking.

Convenience matters. It may seem a little frivolous, but time zone and location count when you are looking at a relationship that will ideally endure for centuries. Hours of phone tag or long plane trips add up, and neither your nor your clients will get that time back.

IN DELAWARE, FOR

EXAMPLE, TRUSTS CAN

INVEST IN ANY OF THE

LIMITED PARTNERSHIP

AND LLC VEHICLES

THE STATE FAMOUSLY

SUPPORTS.

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DIRECTED, DELEGATED OR OTHERWISE: SHARING THE JOBAs you interview potential fits for your clients, make sure to get a sense of whether they support directed trusts, delegated trusts, both or neither.

A directed trust is an arrangement that allows you, the advisor, to hand off the responsibility and burden of administering a trust to an outside corporate trustee but retain control over how the assets are invested. A delegated trust allows the trustee to hand off the portfolio to an outside wealth manager. In an ideal world, it will be you.

Obviously for most advisors, finding the right trust firm to partner with may not be a simple task. For most advisors, finding the right directed trust relationship is the “sweet spot” between spending time to run a trust business in-house and turning the business away.

The breakthrough came in the 1990s, when some states altered the rules to allow the creators of a trust to direct the trust company to follow the investment choices of an outside advisor.

As far as the portfolio is concerned, the advisor (you) the is boss. The advisor earns the management fees. The trust company earns its own fee for handling everything else: accounting, custody (if required), reporting and payments to the beneficiaries.

If the IRS needs to inspect the books, the trust company handles it. If one of the people named in the trust documents has a special request, the trust company handles it.

Since both trustee and investment advisor are thus free to do what they do best, this aligns the interest of all service providers with the grantors and beneficia-ries themselves.

Some states welcome both directed and delegated trusts. Others only support one or the other. While the words look similar, the nuances are important.The creator of a directed trust takes the job of man-aging the assets from the trustee and assigns it to someone else. This generally lets the existing wealth manager keep on doing what he or she is doing, while releasing the trustee from all but the most basic responsibilities over how the money is invested.

Delegated trusts give the trustee the power to decide who will manage all or some of the assets. In this kind of relationship, the trustee remains responsible for overall performance and will monitor the outside man-ager’s activities to ensure that all parties meet their fiduciary obligations.

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While many advisors naturally prefer to have the trust creator direct management powers to them, some clients may prefer to leave the ability to delegate with an independent trust company, which then chooses the advisor and monitors investment decisions.

After all, an advisor who is willing to let the trust company keep tabs on performance—or risk being fired—demonstrates that the client’s long-term inter-ests come first. A confident professional has nothing to hide and little to gain from insisting on locking in control of the assets even if his or her competence is questioned.

And directed advisors can be removed in extremis, so insisting on direction does not necessarily buy anyone additional security.

Review the difference with your clients and ask them which arrangement they prefer. Emphasize that you can work with their decision in any event.

IT’S NEVER TOO LATE: DECANTINGEven an “irrevocable” trust can be modified or moved via a technique known as decanting or in some cases by a non-judicial settlement among the interested par-ties. This is essentially the process of distributing the assets of an old trust into a new vehicle, which may for example be situated in a more desirable jurisdiction or take advantage of provisions that direct or delegate the investment management.

Decanting is generally easier to accomplish than traditional reformation, modification, merger or division processes, and tends to be much more discreet than a formal judicial petition that makes the trust a matter of public record.

It is recognized as a valid estate planning technique by approximately 20 state statutes as well as the IRS. Generally, only the trustee has the power to decant, but modern trusts may extend this power to trust protectors.

A receiving trust must be drafted. The trustee should create a declaration that they have made the distribu-tion to the receiving trust. A new account should be opened with the trust’s custodian in the name of the receiving trust to receive the trust’s assets and the distributing trust account should be closed.

Beneficiaries are not usually required to consent to a decanting, although several state statutes require that notice of the decanting be provided to all parties interested in the distributing trust.

Skilled trust counsel must design any decanting plan to assure its effectiveness and to avoid any negative tax consequences.

ONLY THE TRUSTEE

HAS THE POWER

TO DECANT, BUT

MODERN TRUSTS

MAY EXTEND THIS

POWER TO TRUST

PROTECTORS.


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Atlantic Trust Company of

Delaware

BMO Delaware Trust Company

Commonwealth Trust Company

First State Trust Company Delaware

1 Righter Parkway, Suite 180

Wilmington, DE 19803(302) 478-4050

20 Montchanin Road, Suite 240

Greenville, DE 19807302-652-4980

29 Bancroft Mills Road, Wilmington, DE 19806

302-658-7214

Two Righter Parkway, Suite 250,

Wilmington, DE 19803302-573-5816

HIGHLIGHTS

New Business Contact and Phone/Email

Carolyn Donnelly404-881-3417

[email protected]

Douglas Lundblad, Director, Fiduciary Advisory

Services302-652-4980

[email protected]

David R. Riebe, Director of Business Development

302-254-5176 [email protected]

James Okamura, PresidentKelly Brockstedt, Head of Business Development

[email protected]

[email protected]

Average Account Size $5 million $5 million not provided $5 million

Total Assets Under Administration

$92.4 million $2 billion Over $10 billion $10.4 billion

Custodians Supported

Schwab and Fidelity No AllWorks with any

custodian (with required data transmission feed)

Number of Relationships with Advisors

4 None not provided 425

In-House Experts Numerous Douglas Lundblad

6 attorneys (4 with LLM and 1 with TEP designation), 6 trust administrators,

2 certified public accoun-tants, 1 certified business

counselors, 2 certified trust financial advisors, 1 certified mergers & acquisitions ad-visor, 1 IRS enrolled agent)

Yes

Trust Accounting System TrustDesk SEI Accutrust TrustPortal

Supports Directed Trust

Yes Yes Yes Yes

Supports Delegated Trust Yes Yes No Yes

Accepts Foreign Account Holders Not disclosed No Yes Yes

Timeframe for Acceptance of New Trust

2 weeks 3 to 6 weeks 7-14 days Within 72 hours

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Key National Trust Company of Delaware

New York Private Trust Company

PGB Trust and Investments of Delaware

1105 N. Market Street Suite 500Wilmington, DE 19801

302-574-4702

200 Bellevue Parkway, Suite 150Wilmington, DE 19809

302-798-2160

20 Montchanin Road, Suite 210Greenville, DE 19807

302-255-1506

HIGHLIGHTS


Anne Marie Levin, Director of Legacy, Private Foundations & Delaware Trust

Strategies/SVP 302-574-4700 [email protected]

Isabel A. Pryor, Chief ExecutiveOfficer/SVP

[email protected]

Kevin Batterton, Managing Director212-850-4055

[email protected]

Lisa Berry, [email protected] 302-255-1506;

[email protected] 908-719-3306

Average Account Size Not disclosed $5.2 million $9.9 million. This includes one large

relationship. Average account size ex-cluding that relationship is $4.4 million.


Not disclosed $2.6 billion $268 million


Not disclosed Works will all Most Major custodians


Not disclosed 50 11

In-House Experts 4 JD with specific Delaware expertise (1 in Delaware, 3 are national resources)

1 CTFA & MBA; Various wealth planners

throughout our KeyBank, NA footprint

5 3

Trust Accounting System Global Office (Sunguard) TrustPortal SEI


Yes Yes Yes

Supports Delegated Trust

Yes – adviser must pass internal due diligence process Yes No

Accepts Foreign Account Holders Yes – Must pass risk due diligence Yes On an exception basis


5-7 days 5 days or less 7-10 business days

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Principal Trust Company

RBC Trust Company (Delaware) Limited

Reliance Trust Company of Delaware

1013 Centre Rd.Wilmington , DE 19805

800-209-9010

4550 New Linden Hill Road, Suite 200

Wilmington, DE 19808302-892-6900

500 Delaware Ave., Suite 900Wilmington, DE 19801

HIGHLIGHTS


Lisa Hurst, Director of Business Development

[email protected]

Tony Nardo, Head, Business Development

302-892-6924 [email protected]

Robert Sajdak, SVP, National Sales Manager

(561) 515-5645, [email protected]

Average Account Size $2.2 million $3 million $1 million


$130+ billion $3.4 billion $5.48 billion (3-31-2016)


Works with all Works will all Works with all


500+ 500+ 1,000 +

In-House Experts 3 5 65

Trust Accounting System Innotrust SunGard FIS TrustDesk and SunGard


Yes Yes Yes

Supports Delegated Trust No Yes Yes

Accepts Foreign Account Holders No No Yes


7 to 10 days 2-4 business days 72 hours

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The Bryn Mawr Trust Company of Delaware

U.S. Bank Trust National Association

Wilmington Trust Corporation

20 Montchanin Road, Suite 100Greenville, DE 19807

302-798-1792

300 Delaware Avenue, Suite 901Wilmington, DE 19801

302-576-3703

2710 Centerville Road, Suite 101Wilmington, DE 19808

800.258.6334

HIGHLIGHTS


Robert W. Eaddy, President302-798-1792

[email protected]

Dawn McGill, Trust Relationship Manager

[email protected]

Michael IngrahamVice President and Managing Director

[email protected]

Average Account Size Varies / No minimum for Direction Trusts

Not disclosed $2.2 million


$3.57 billion Not disclosed $ 4.1 billion with advisors as of 12/2015


Not disclosed Works will all Alliance relationship driven


Not disclosed Not disclosed 800+

In-House ExpertsExpertise in working with RIAs of all

sizes and 3rd party custodians 2 40+ including CTFAs and JDs

Trust Accounting System Sunguard AddVantage SEI SEI


Yes Yes Yes

Supports Delegated Trust Yes Yes Yes

Accepts Foreign Account Holders Yes Not disclosed No


Within 48 hours 2-7 days 7 – 10 days


1299 OCEAN AVENUE, SUITE 900, SANTA MONICA, CA 90401 PHONE: (800) 392-8811 THETRUSTADVISOR.COM

the winners list · * perpetuities. conventional trusts can expire a few decades or maybe a century...

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