Gone are the days when the role of a trust advisor was merely transactional, confined to tasks like asset gathering, tax payments, and asset distribution to a client’s family. Today, trust advisors are deeply integrated into their clients’ financial planning and decision-making processes. Positioned uniquely as a central hub of information and strategy, they offer knowledge that spans a client’s current financial standing, business affairs, and family dynamics. More than this, they actively contribute to planning the client’s future, sometimes even making life-altering decisions on their behalf.
Trust advisors execute plans crafted by the client concerning family and business matters and invest strategically to meet the client’s financial goals. By doing so, they fulfill roles that are far more expansive and personal than ever before.
A Team-Centric Approach
Modern trust advisors are not a solitary entity but operates within a network of professionals that may include the client’s attorney, accountant, and other financial advisors. This team-centric approach ensures that every aspect of a client’s financial life is carefully considered from multiple angles. It’s a collaborative method that lets the trust advisor bring unique perspectives to the table, offering insights that the client may not find elsewhere.
The Value of Time and Relationship-Building with Trust Advisors
One of the most notable aspects of trust advisors’ service is that they generally do not bill by the hour. This allows them to serve as a sounding board for the client, providing advice without the pressure of a ticking billing clock. The absence of time constraints fosters a deeper relationship between the advisor and the client, enabling the advisor to understand the client’s objectives and concerns better. The advisor accumulates experiences that are not just valuable in a financial sense but also vital in building a rapport with the client.
In circumstances where the client is incapacitated, unavailable, or even deceased, the trust advisor’s intimate knowledge of the client’s goals and plans allows them to step in seamlessly, offering an independent yet aligned perspective.
Additional Banking Services
Apart from the principal tasks, a trust advisor also acts as a gatekeeper to other banking services such as business loans, insurance loans, mortgages, home equity loans, and many deposits and other banking products. This multi-service access points to how trust advisors are comprehensive financial partners, not investment managers.
Building and Sustaining Client Trust
Client expectations have escalated over the years, with many becoming more financially savvy. Clients now expect a higher level of service, including accurate and timely advice and knowledge of other service sources. To meet these demands, the advisor must maintain well-organized files, complete with summaries of relevant documents, a recap of family members involved, and a schedule of recurring events and services. Such meticulous organization is crucial to offering top-notch service that meets client expectations.
Moreover, effective communication is paramount. Advisors need to preempt client queries and provide answers before questions arise. The proactiveness of an advisor significantly contributes to building and sustaining client trust.
The Key to Successful Client Relationship: Proactivity
A good advisor recognizes the importance of initiative and consistent engagement. Being proactive entails reaching out to the client more frequently than the client contacts the advisor. It requires establishing oneself as an irreplaceable team member who consistently thinks about ways to further the client’s interests.
Today’s trust advisor is not merely a financial guide but a complete planning partner, focusing intensely on providing tailored, specialized services to clients. They extend beyond investment advice to offer a relationship built on a detailed understanding of a client’s life situation. By staying proactive, organized, and fully engaged, trust advisors are invaluable assets, serving not just the individual client but the broader needs of the client’s family.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or email@example.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.