Whether you’re a financial advisor, lawyer, or accountant, trusts are the perfect vehicle for financial secrecy. And while you may be a professional in another field, you’ll find that the trust industry is filled with opportunities for young talent. The trust industry is growing quickly, and the need for professionals to work with it is increasing.
Most trust companies offer a variety of services and typically charge based on the amount of money involved. Some companies offer brokerage services and act as one-stop-shops for investors and clients. These firms are also held to a fiduciary duty, meaning that they act in their clients’ best interests. However, they do charge fees based on the value of the assets they manage, which can be quite high.
While banks provide most of the trust services in the United States, the non-bank sector is dominated by small firms. In fact, according to the Census Bureau, 94 percent of all trust companies employ less than twenty people. Only five of them have more than 250 employees. The largest trust company, Continental Auxiliary Company of San Francisco, had fewer than 100 employees but more than $90 million in assets.
Technology has changed the way trusts are administered. With the advent of investment-directed trusts, the role of a trustee has become more complex. This requires trust administrators to be knowledgeable about international taxation and property law regimes and know how to comply with Know Your Customer laws.