Incorporating trust services into your offerings can significantly enhance your ability to manage client needs effectively. Here, you’ll discover six key ways you can benefit from utilizing LPL’s Trust Services, powered by The Private Trust Company.
1. Maintaining Consistency and Continuity with Your Clients
- By offering trust services to your clients, you get the opportunity to manage assets across generations and ensure a seamless transition of wealth.
- This continuity helps in building a lasting relationship with your client’s extended family, securing a role as a trusted advisor for future generations.
2. Helping Your Clients with Trustee Duties—and Providing Greater Value
- Trust management involves complex responsibilities that can be daunting for clients. By working with LPL’s Trust Services’ team, you can provide crucial guidance to help avoid potential pitfalls when setting up a trust with an attorney.
- Through LPL’s Trust Services team you can offer to connect your clients with professional trustees, enhancing the trust’s administration and relieving family members from an often difficult and thankless job.
3. Assisting When a Family Member Isn’t a Good Choice to Be a Trustee
- Not all family members are suited to manage trusts, due to potential conflicts of interest or lack of financial acumen.
- You can step in to help select a competent trustee, thus preserving family harmony and ensuring that the trust is managed according to the settlor’s wishes.
4. Supporting a Second Spouse Without Leaving Funds Outright
- Trusts can be strategically used to provide for a second spouse while protecting the inheritance rights of children from previous relationships.
- Trusts can be structured to offer financial support to the spouse during their lifetime, with the remaining assets distributed to the children, ensuring fairness, and fulfilling your client’s objectives.
5. Providing for Children Without Disincentivizing Them
- A major concern for many parents is to support their children financially without curbing their motivation to succeed independently.
- Through incentive trusts, you can help set conditions that encourage personal development and achievement, such as educational accomplishments or career milestones before trust funds are disbursed.
6. Finding a Flexible Trustee
- The needs of trust beneficiaries can change over time, requiring trustees who can adapt to new circumstances and make discretionary decisions that benefit the trust.
- You can aid your clients in selecting a trustee who not only understands the legal and financial aspects of trust management but is also capable of adjusting strategies as needed to meet the beneficiaries’ evolving needs.
Incorporating trust services into your practice not only broadens your scope of client services but also enhances your role as a comprehensive steward of your client’s financial health. By addressing specific family dynamics and long-term financial planning needs, you can significantly improve client satisfaction and retention, ultimately fostering a more robust and resilient advisory practice.
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