Some say the trust industry isn't what it used to be. (Ask an ancient trust officer about the days when the American Bankers Association had a whole division devoted to trust services.) Yet the need for fiduciary organizations has never been greater. From distracted young scholars to high-tech philanthropists to elderly invalids, millions of Americans need investment service and financial guidance they can rely upon. Also, as noted here recently, businesses need a trustworthy, relatively economical source of retirement-plan administration.
If we didn't have a trust industry, we'd have to invent one.
Happily, the industry hasn't exactly withered away. At last count trust institutions administered $2.2 trillion.