Trust Network Provider Comparison Chart

Trust Network Provider Comparison Chart
Participating Trustees
The Advisory Trust Company of Delaware
BOK Financial
Comerica Bank & Trust, NA
Independent Trust Company of America
New York Private Trust Company
Reliance Trust Company of Delaware
The Advisory Trust Company of Delaware
BOK Financial
Comerica Bank & Trust, NA
The Advisory Trust Company of Delaware
works exclusively with you by providing
trustee and trust administration services you
can offer your high-net-worth clients. You
manage the assets in trust. Advisory Trust is
part of Wilmington Trust NA.
BOK Financial is a $26 billion regional
financial services company based in Tulsa,
Oklahoma. Advisor trust services are offered
through our national bank affiliate, BOKF,
NA, which is able to work nationwide with
more than 125 trust officers and provide
unsurpassed personalized trust services for
your clients.
Comerica Bank & Trust, NA, a subsidiary of
Comerica Incorporated (Comerica), is among
the 25 largest U.S. bank holding companies
with over $100 billion in trust assets.
Comerica is proud to be both a pioneer and a
leader in forming strategic alliances with great
financial organizations to provide a wide
variety of personal trust services.
Santa Fe Trust
Wilmington Trust Company
Personal Trust Services
National capabilities
Yes
Yes
Yes
None
None
None
Yes
Yes
Yes
Discretionary (delegated) trust services
Yes
No
Yes
Investment parameters for discretionary
(delegated) trusts
Works with you to set the Investment Policy
Statement (IPS) and asset allocation; IPS
outlines acceptable asset classes
N/A
Approved managers and models
Turnkey asset management providers
(TAMPs) allowed
Yes
Yes
Yes, dependent on the account document
and IPS
Account information accessible on the Web
Yes
Yes
Yes
Service agreement between your firm and
the trustee
Preferred
Required
Required
Service agreement between you and
the trustee
Required
None
Not required
Trust company location for licensing purposes
Delaware
Arizona, Colorado, Kansas, New Mexico,
Oklahoma, Texas
Michigan
Minimum annual fee: $3,500
Minimum annual fee: $3,000
Personal trust account minimum
Directed trust services
Requirements
Fees for Directed Trust and Discretionary
Trust Services
For additional services, please reference the
complete fee schedule available from the
program provider
First $1 million
Next $2 million Next $2 million
Next $5 million
Over $10 million
.50%
.40%
.30%
.25%
.20%
Directed trusts:
Minimum annual fee: $3,000 discretionary
Minimum annual fee: $5,000 directed
First $1 million
.65%
Next $1 million
.57%
Next $3 million
.50%
Next $5 million
.40%
Next $10 million
.30%
Over $20 millionAdditional tiered
rates apply
First $1 million
.50%
Next $2 million
.40%
Next $2 million
.35%
Delaware trusts with a named Direction
Advisor will receive a 15% fee discount,
except that no discount will be applied to the
minimum fee
Over $5 million
Negotiable
Yes, when an ILIT is accompanied by a
substantial trust with investable assets; does
not support stand-alone ILITs
Yes, when accompanied by a trust with
investable assets; does not support
stand-alone ILITs
An ILIT holds one whole life, term or
universal life policy at $1,250
Yes, through Wilmington Trust Company, for
estates of $5 million and larger
We provide full estate administration and
settlement services; fees available upon request
Yes, fees available upon request
Pershing Financial Solutions
Primary Contacts:
Primary Contact:
Primary Contact:
Shadia Kirk, Vice President
Trust Network Product Manager
Phone: (630) 472-6741
E-mail: [email protected]
West of the Mississippi River
Mike Flinn, Vice President
Trust Development Officer
Phone: (602) 908-1497
E-mail: [email protected]
Rosemary Hueser, Vice President
Manager Advisor Trust Services
Phone: (888) 957-6678
E-mail: [email protected]
Barry D. Babbitt, National Alliance
Sales Manager
Phone: (313) 222-3397 or (855) 867-9961
E-mail: [email protected]
Fee schedules for additional services are
available upon request
Related Services
Irrevocable life insurance trusts (ILITs)
Estate administration services
Additional policies: $100/additional
For additional information, contact
Pershing Financial Solutions or program
provider directly
East of the Mississippi River
Jim North, Vice President
Trust Development Officer
Phone: (480) 980-7260
E-mail: [email protected]
Participating Trustees
The Advisory Trust Company of Delaware
BOK Financial
Comerica Bank & Trust, NA
Independent Trust Company of America
New York Private Trust Company
Reliance Trust Company of Delaware
Santa Fe Trust
Wilmington Trust Company
Independent Trust Company
of America
New York Private Trust Company
Reliance Trust Company of Delaware
Independent Trust Company of America was
founded by Santa Fe Trust, one of the first
trust companies to work exclusively with
advisors. Independent Trust Company of
America continues in the tradition of helping
advisors successfully serve trust clients
throughout the country with all of the
additional benefits of a South Dakota charter.
New York Private Trust Company (New York
Private Trust) provides a broad range of
fiduciary services to individuals, financial
organizations and other institutions lacking trust
powers throughout the United States. Its
Delaware situs allows an individual to create
trusts having perpetual duration, asset
protection capability, flexibility in financial
planning and investment management, and
favorable tax treatment.
Reliance Trust Company of Delaware
(Reliance) is one of the largest independent
trust companies in the nation with more than
$88 billion in trust assets. Reliance offers
integrated trust solutions designed to help
you provide clients with industry-leading
personal trust services.
Yes
Yes
State charter; authority to serve depends on
document and/or local statute
No minimum
$1 million
$350,000
Yes, per document
Yes
Yes
Personal Trust Services
National capabilities
Personal trust account minimum
Directed trust services
Discretionary (delegated) trust services
Yes
Yes
Yes
Investment parameters for discretionary
(delegated) trusts
Collaborates with you to set IPS (Investment
Policy Statement) then you assume
discretion working within IPS
You assume full discretionary responsibility
unless working with a co-trustee; account to be
managed in accordance with an approved IPS
Approved managers and models
Turnkey asset management providers
(TAMPs) allowed
Yes
Yes
Yes
Account information accessible on the Web
Yes
Yes
Yes
Service agreement between your firm and
the trustee
Preferred
Not required
Preferred
Service agreement between you and
the trustee
Required
Sub-advisory agreement required
Not required
Trust company location for licensing
purposes
South Dakota
Delaware
Delaware
Requirements
Fees for Directed Trust and Discretionary
Trust Services
For additional services, please reference the
complete fee schedule available from the
program provider
Minimum annual fee: $4,000
Minimum annual fee: $4,500 directed
Minimum annual fee: $5,500 delegated
Directed trusts subject to review starting
at .30%
Directed trusts:
First $5 million
.45%
Delegated
$0 to $3,000,000
.50% - .70%
$3,000,001 to $5,000,000 .40% - .60%
Over $5,000,000 - negotiable per
document review
Next $5 million
.35%
Over $10 million
.25%
Delegated trusts:
First $5 million
Next $5 million
Over $10 million
.55%
.40%
.30%
Minimum annual fee: $3,500
First $2 million
.50%
Next $3 million .40%
Over $5 million
.30%
Directed trusts receive a 40% discount from
the discretionary trust schedule above
Related Services
Irrevocable life insurance trusts (ILITs)
Yes
Estate administration services
ILITs annual fee is $1,500 (Delaware
directed), or $3,000 (other)
Yes, the fee is $1,500 per year for one policy
plus $250 for each additional policy
Yes, $25,000 minimum fee
Limited to $500,000 minimum account size
and dependant on state jurisdiction
reciprocity
Yes
For additional information, contact Pershing
Financial Solutions or program provider directly
Pershing Financial Solutions
Primary Contact:
Primary Contact:
Primary Contact:
Shadia Kirk, Vice President
Trust Network Product Manager
Phone: (630) 472-6741
E-mail: [email protected]
Andy Crane, National Sales Director
Phone: (855) 75TRUST
E-mail: [email protected]
Kevin J. Batterton, Managing Director
Phone: (212) 850-4055
E-mail: [email protected]
Rosemary B. Crowley, Vice President
Phone: (302) 246-5403
E-mail: [email protected]
Secondary Contact:
Secondary Contact:
Jason Labrum, Relationship Manager
Phone: (855) 75TRUST
E-mail: [email protected]
Richard P. Trumpler, Chief Operating Officer
Phone: (212) 850-4015
E-mail: [email protected]
Participating Trustees
The Advisory Trust Company of Delaware
BOK Financial
Comerica Bank & Trust, NA
Independent Trust Company of America
New York Private Trust Company
Reliance Trust Company of Delaware
Santa Fe Trust
Wilmington Trust Company
Santa Fe Trust is one of the most advisor-friendly
trust companies in the country. Santa Fe Trust
works with you to enhance relationships with
high-net-worth clients through collaborative
alliances that focus on the long term. Contact us
today to learn about our new South Dakota charter.
Founded in 1903 by T. Coleman du Pont and now a
division of M&T Bank, Wilmington Trust Company
is recognized as one of the nation’s leading experts
in exercising fiduciary judgment in complex
family situations.
Santa Fe Trust
Wilmington Trust Company
Personal Trust Services
National capabilities
State charter; provides services nationally
Yes
None
$10 million
Directed trust services
Yes
Yes, you assume full responsibility
Discretionary (delegated) trust services
Yes
Yes, subject to review
Personal trust account minimum
Investment parameters for discretionary
(delegated) trusts
You assume full discretionary responsibility
working within IPS unless working with a
co-trustee
Upon approval by trustee
Turnkey asset management providers
(TAMPs) allowed
Yes
Yes
Account information accessible on the Web
Yes
Yes
Service agreement between your firm and
the trustee
Preferred
Not required
Service agreement between you and
the trustee
Required
Not required
Trust company location for licensing
purposes
New Mexico
Delaware
Minimum annual fee: $4,000
Minimum annual fee: $8,500
Requirements
Fees for Directed Trust and Discretionary
Trust Services
For additional services, please reference the
complete fee schedule available from the
program provider
Directed trusts subject to
review starting at
.30%
$0 to $3,000,000
.50% - .70%
$3,000,000 to $5,000,000
.40% - .60%
Over $5,000,000 - negotiable per document review
First $1 million
.60%
Next $4 million .40%
Next $5 million
.25%
Next $10 million
.20%
Over $20 million
Negotiated
These fees are for directed trust services only;
discretionary trust fees available upon request
Related Services
Irrevocable life insurance trusts (ILITs)
Yes, fees available upon request
Yes, when an ILIT is accompanied by a substantial
trust with investable assets; does not support stand
alone ILITs
Estate administration services
Yes, fees vary by state
Yes, for estates of $5 million and larger; fee schedule
available upon request
Pershing Financial Solutions
Primary Contact:
Primary Contact:
Shadia Kirk, Vice President
Trust Network Product Manager
Phone: (630) 472-6741
E-mail: [email protected]
Geoffrey Madsen, President
Phone: (855) 758-7878
E-mail: [email protected]
Kevin A. Jacobs, Vice President
Wealth Advisory Services
Phone: (302) 427-4812 or (800) 441-7120, ext. 4812
E-mail: [email protected]
For additional information, contact Pershing
Financial Solutions or program provider directly
Pershing LLC is not affiliated with any of the trust companies participating in Trust Network. Pershing LLC makes no representations or warranties of any kind regarding the content hereof or any products
described herein, including any warranties, express or implied, as to the accuracy, timeliness, completeness, or suitability of such content or products and will not be liable for any damages (including,
without limitation, damages for lost profits) which may arise from the use of any participating trust company’s services. The content contained herein should not be construed as financial advice or a
recommendation for the purchase, retention or sale of any product or securities.
© 2012 Pershing LLC. Pershing LLC, member FINRA, NYSE, SIPC, is a subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Trademark(s) belong to their respective owners.
For professional use only. Not for distribution to the public.
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