Bank trust departments don't charge enough

From an e-mail I just received from trustupdates.com:

Most bank trust departments are undercharging for their services, according to the Fiduciary Income Report analysis of stand-alone trust companies.

The report is a study of trust companies' income and expenses, examining both profit margin and return on assets.

According to the report's authors, trust companies that focus or limit their services to one or two account categories (such as, personal trusts, employee benefit, investment management agencies, or custody accounts) report significantly higher profit margins.

Trust companies on average netted 23 cents for every dollar of gross revenue, significantly higher than average net earnings reported by bank trust companies.

The report also revealed that salaries are the biggest expense at trust departments, and that they have surprisingly small marketing budgets. I think I knew that already.