Thursday, August 14, 2008

Prepare for poaching

Financial Planning.com is offering a 23 minute podcast called Trusts: The Next Big Thing. From the description:
Certainly you can recommend a reliable attorney to those clients needing such services. A trust company can do much of this work as well. But your clients will surely want the advisor who's led them through asset accumulation to help them through this important process. Are you prepared to be their guide?
How will the trust industry respond to this encroachment? FP points out that two developments will fuel the boom in trust business: the number of affluent household is expanding, while technological advances permit semi-custom service delivery on a mass basis. They state that the average trust has fallen from $5 million to $1 million (I remember when that was the minimum at many places, not the average)

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