Professional Advisors including Attorneys, CPA’s and other trusted advisors often find themselves being asked by their high net worth clients to serve as trustee. At the request of a client, these advisors may find that they or other individual members of their firm have been named in a trust document as current or successor trustee. This fiduciary role is typically outside their primary business practice or scope of expertise and requires additional time, expense. resources and insurance coverage. In addition, the role will increase risk to their practice.
Many professional advisors finding themselves acting in this role have come to regret not investing in the additional resources necessary to carry out their fiduciary role. These professionals are named as fiduciary because they have earned the highest levels of confidence and trust from the families they serve. Trustees that utilize the administrative support, technology and digitized record keeping offered by FRS increase the likelihood of honoring the high level of trust given them by the grantor. On occasion there may be highly specialized questions regarding trust administration beyond the scope of their normal practice. FRS provides structured support for trustees through automation and the availability of consulting services. Our proprietary system facilitates documentation of:
- Discretionary & Non-discretionary Actions
- Oversight & Monitoring Of Investments
- Tracking Specialty Assets
- Annual Account Reviews
- Court Accountings
- Tax Reporting
- Statement Production
Professional Advisors that use the FRS platform will enjoy a best in class, fully compliant fiduciary support infrastructure, guidance and a secure, reliable digital record keeping platform.