Notes for trust officers, private bankers and others concerned with estate and trust planning, from a Merrill Anderson Senior Editor and his retired mentor.
More than a century ago, financial hotshots discovered they could become unregulated bankers by forming trust companies. It didn't end well. J. P. Morgan had to clean up the mess. Let's hope today's investment advisers do better after ducking SEC supervision by becoming trust companies. These days most states, and certainly my state, have little money or personnel for expanded supervision of trust institutions. Come to think of it, my state is still smarting from a financial fraud that fell between the cracks separating various state regulators.
Post a Comment