Anticipated demand for personal trust services has prompted National Financial — the clearing and custody business of Fidelity Investments — to incorporate personal trust services into its broker workstation used by nearly 280 broker-dealer firms.
The new services include enhanced trust reporting capabilities, administrative trustee services and a trustee match program that helps brokers find and work with trustee companies appropriate for their clients’ needs.
National Financial said it incorporated the new services to help brokers build stronger relationships with high-net-worth investors and potentially generate new opportunities for incremental revenue growth and consolidation of assets. The company noted that almost three in four households with $1 million in assets (72%) engage a personal trust services provider and that personal trust assets are expected to grow to more than $3 trillion by 2019.
“Integrating personal trust services into their broader service offering will not only help brokers bring on higher net-worth clients but also provide them with more opportunity to build cross-generational relationships with their advisors,” said Sanjiv Mirchandani, president of National Financial, in a statement.
The new services are also a draw for broker-dealers looking to attract and retain top talent, the company said. Unlike many trust offerings, National Financial’s are closely integrated into the broker workstation and not housed in a separate system. This integration, it said, “allows brokers to more effectively retain and control all of the key investment management responsibilities and provide a fuller range of wealth management products and services.”
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