Few relationships in life are as complex as our financial relationships. No doubt it’s because finances touch so many aspects of living. That’s why choosing someone to manage your assets or other facets of your financial life can greatly impact not only your wealth and lifestyle but also your sense of wellbeing.
When brokerage and bank accounts are no longer sufficient tools for managing your assets, the question is, what next? Should you turn to an asset manager, or would a trust company be the better choice?
There are clearly circumstances where an asset manager will fit the bill nicely, such as when your assets comprise primarily a residence and a portfolio of securities, your estate will not be subject to taxation and a simple will can handle the future transfer of assets. However, as assets grow in kind and amount, or family relationships expand and become more complex, we believe a trust company can be the better solution, even when you do not as yet have or need a trust.
- Investment management expertise.
Like an asset manager, a trust company can manage your investment portfolio. But unlike many asset managers, the trust company also will have considerable experience in the delicate balancing act of making distributions to you or someone else while continuing to seek the growth or capital preservation of your assets.
- Broad financial knowledge.
In addition to portfolio managers, a trust company has administrators/relationship managers with knowledge and experience in other areas of personal financial management, including taxation, retirement planning, estate planning, and health care planning. The trust company may be better able to respond to the full range of your financial management needs as they evolve.
- The highest fiduciary standards.
Trust companies are subject to the most stringent requirements to act in the client’s best interest at all times.
In short, in choosing a trust company, you may establish a relationship that can grow with you throughout the many phases of your life.
At Pennsylvania Trust, we take this concept of relationship personally. Our client relationships develop out of a desire to improve the quality of our clients’ lives. Perhaps this sounds a bit discordant in the financial services industry where the bottom line is usually the only critical component of any financial plan. Of course we are committed to results. However, we choose not to start there. Our relationships begin with the client and their individual objectives: stability and care for family; personal or professional goals; and philanthropy; among others. We willingly take the time to listen carefully and get to know and understand our clients and their families. By creating a personal relationship, it becomes possible to craft a financial advisory strategy that is tailored to meet the specific needs of an individual or group.
Because we care, we’re good at what we do. Pennsylvania Trust’s greatest strength is our team of dedicated professionals with an average of over 30 years in the industry. We firmly believe that our work ethic and commitment set us apart in our ability to build outstanding client relationships.