Keeping An Investment Advisor

NO BANK TRUST DEPARTMENT WILL LET YOU USE AN OUTSIDE INVESTMENT ADVISOR FIRM OR INDIVIDUAL.  ONLY A TRULY INDEPENDENT TRUSTEE WILL DO SO.

The work of a trustee may be divided between parties.  For example, one party may handle the investing of the funds, while another party handles the distribution of the funds, and another party may handle the accounting of the funds.  However, some professional trustees are not willing to perform only part of the duties, or delegate any of the duties to other parties.

Normally, a bank trust department will never allow the investment of the funds to be handled by an outside party, such as your investment advisor.  Naming a bank trust department as trustee will normally require you to use only their investment advisors at the bank.  They will not allow your advisor to direct funds held in trust at their institution.

An independent trustee, such as Providence First, is not affiliated with any bank or brokerage.  As such, an independent trustee may, if it chooses, delegate investment to an outside party, keeping the duty of distributions and accounting if it chooses to do so.   

At Providence First, we not only are able to delegate investment duties to your investment advisor, we are happy to do so and have experience in working with advisors on a regular basis.  A majority of the accounts at Providence First are accounts with outside investment professionals.  Providence First has worked with agents working for or affiliated with :

• John Hancock Financial Services

• Prudential Securities

• Sun Life Insurance

• Farmers Financial Services

• Victory Capital Management (Key Bank)

• Private Wealth Management Inc.

With Providence First, unlike with a bank trust department, we are happy to have you keep your Investment Advisor to work with us to accomplish your estate plan.

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