How often do we hear these days: “Well, you have to understand, we're not really in the trust business for the trustee fees”; or “We are a bank. Trusteeship is just an adjunct to our core business”; or “What new assets will we bring under management if we take on this trusteeship?” Perhaps it was inevitable. Precipitous falls in the financial markets (equals falling revenues) and the incessant stream of new regulation (equals rising costs) have led all in the private-wealth management ...

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