Mad DashMad Dash
Most people don't think of the trust industry as being part of a modern-day gold rush. But it must be. Why else would virtually every type of financial institution from independent trust companies and banks to brokerage houses put such huge efforts into luring the ultra-affluent clients who used to be the private property of trust banks. They're invading each others' turf with a variety of strategies.
Anne Field, freelance journalist, Pelham, N.Y.
Most people don't think of the trust industry as being part of a modern-day gold rush. But it must be. Why else would virtually every type of financial institution — from independent trust companies and banks to brokerage houses — put such huge efforts into luring the ultra-affluent clients who used to be the private property of trust banks.
They're invading each others' turf with a variety of strategies. “Everybody, every bank, every trust company, every broker-dealer, has decided the wealth management business is the market to go after,” says John P.C. Duncan, president of Duncan Associates in Chicago. At the top end of the market — portfolios with assets of $75 million and up — wealthy fami...
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