I already have a banking relationship. If I need to set up a trust, why would I select your services rather than go to my bank where I already know the people? Would there be any advantage to working with you? Like what?
The people you know at the bank generally would not handle your trust. Trust administration is handled by a separate trust department. That department may be in your community but it may also be located in a different city where your only contact would be by phone. For example, some institutions provide a local trust officer for high net worth clients and give those clients with lesser net worth a toll-free phone number to call when they need help. Bank Trust Officers routinely handle more than 100 clients at a time which means that you may be disappointed with the level of service you receive. By comparison, I limit the number of matters I accept so that I can have enough time to provide a high level of service to each of my clients. Unlike a bank, I do not need to obtain approval from a trust committee or other supervisory personnel so that I can be more nimble and responsive in meeting the needs of my clients. Banks charge a fixed percentage fee regardless of the amount of work they actually do and may charge extra hourly fees for what is called "extraordinary services." Since I charge by the hour, you only pay for the services I actually perform. Unlike many banks, I do not charge an additional fixed percentage fee when the trust terminates or when the assets are transferred to a different trustee.