Trust company specialists

Revzon's Institutional Sevices is America's trust company specialist serving wealth managers, broker/dealers, law firms, mutual fund companies and pooled fund firms.

As trust company specialists, Revzon will help your firm charter its own trust institution -- and thus attract high net worth clients, and serve as trustee in nearly all 50 states. In the process you are able to attain and project financial institution stature which inspires greater client confidence.

By owning your own trust company you gain: firmer control of your accounts, new opportunity to attract bigger accounts, greater wealth protection under powerful asset protection laws, and with no corporate or state income taxes.

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Why should a wealth manager set up a trust company?

You have worked hard developing relationships with your clients and helping them create their wealth. But now as your clients enter their retirement years and beyond, you risk being left out of the equation. Estate planning lawyers often influence their clients to place their assets at trust companies they have comfortable relationships with. If you're a wealth manager without an option to offer the estate planning attorney, chances are sooner or later your assets will wind up at a competitive firm.

Here are some of the benefits for wealth managers:

  • Maintain control of the accounts you have developed relationships with. Don't lose them to competitive firms who find they can get a better return or enjoy a better relationship with other trust companies.
  • Create a new profit center and charge trustee fees and other fees to your clients rather than having these paid out to a third-party trust company.
  • Increase the size of your business and capture new assets from wealthy investors who are looking to place their assets with a firm that has full state-of-the-art services in-house.

Why should a broker/dealer set up a trust company?

For the broker dealer it is advisable that you offer your brokers and your wealth managers alike the ability to keep their business in-house and on the same team. Thus owning your own trust company can be an essential part of your total financial strategy. Here are some of the benefits:

  • Greater control. Keep control of accounts in the same firm. Don't risk losing them to a third party trust company.
  • Profit center. Earn substantial profits through charging trustee fees and other fees from providing your clients important and timely trust services.
  • Attract new accounts. With the addition of your own in-house trust company you will attract new wealthy clients whom you can now help to lower taxes on securities transactions, preserve assets from lawsuits and other threats, and maintain control of their assets so an orderly transfer can be made to the next generation.

What some broker / dealers say about owning their own trust companies:

"When we established Raymond James' Trust Company 15 years ago it was the smartest single investment and strategy our firm had ever made."
- Raymond James Company, Member NYSE

"For any brokerage firm that doesn't have its own trust company it's going to be increasingly more difficult to meet the needs of investors in the next 15 years. It is for this reason that we set up a private trust company in 2003."
- LPL Financial, Independent Broker Dealer

"It would be foolish to think that we could compete with our peers such as American Express, CitiBank and Wachovia for affluent clients without owning and operating our own trust company."
- Merrill Lynch and Co., New York

Why should a pension service provider or TPA set up its own trust company?

The answer is service. As a third-party administrator or pension service company administrator, it is important to be able to provide your clients a one-stop solution for account handling. Third-party administrators now own their own trust companies as a way of assuring that the accounts will remain in-house.

Here are the important benefits to consider for TPAs and pension service company providers:

  • Maintain control of accounts. Don't risk loss of your firm's accounts by having them placed with outside third-party trust companies.
  • Increase your business. More and more clients will come to your firm because you now have your own in-house trust company providing a one-stop solution. Brokers and other referring companies that seek a total solution package can now come to your firm and benefit from one solution.
  • Increase profits. By owning your own trust company you can increase income from charging trustee fees and other fees that are not available to you if you replace the business in the hands of third-party trust companies.

Why should a law firm set up a trust company?

In the U.S. today there are several hundred law firms that own their own trust companies. As a will and estate planning specialist, it makes perfect sense to create a perfect synergy between you and your client by assuring that the trust that you set up for your client will be executed with perfect precision through your own trust company.

For the law firm here are the important benefits to consider for setting up your own trust company:

  • Maintain control of accounts. As a law firm it's important to know that when preparing a will or trust for a client, you may be called upon to ensure that your will or trust will work. In many cases involving a trust, the trustee will not interpret or understand how the trust is supposed to operate. Heirs could be left out, or even worse, lawsuits may follow to ensure the trust is executed properly. When a law firm owns its own trust company, it will ensure that the process of transferring wealth to the heirs will flow without problems.
  • Ensure proper planning. There's an important synergy between a trust company and a wills and estate attorney that ensures the process operates smoothly and seamlessly. For example, if an instruction isn't understood properly by a trust officer it can result in devastating consequences to an heir or beneficiary. Having your own trust company assures that clients' estates are being planned properly.
  • Capture new business. More and more wealthy families prefer following the advice of their attorneys. If your firm offers advice it also makes sense to coordinate an estate plan by implementing it through you law firms own trust company.
  • Profit. Earn substantial income through charging trustee fees and other fees from performing trust service intermediation on behalf of your clients.

Why should a mutual fund / pooled asset firms set up a trust company?

The reason that Eaton Vance, Fidelity, and Franklin Templeton own their own trust companies is to ensure that the assets do not leave the firm. As an umbrella mutual fund provider it is important to provide all the solutions needed in order to maintain ERISA accounts and other forms of accounts that will require trust company intermediation. This requirement extends to pooled investments such as GIC funds, collective investment funds, etc.

Therefore, for the mutual fund / pooled asset firms here are the important benefits to consider for owning a trust company:

  • Provide full services to your mutual fund clients to forestall their investing directly or through a broker dealer. There's no need to outsource the finding of a custodian or trustee someplace else. Simply provide it in house.
  • Keep control of your captured assets. As a mutual fund company it makes better economic sense to keep all your assets under one roof. To refer your business to an outside trust company for the accounts that require this form of intermediation poses risk of loss of accounts.
  • New profit centers. By owning your own trust company you can gain profits from charging trustee fees and other fees to your clients, thus creating a new profit center for your mutual fund.

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