A large proportion of fiduciary services work deals with high net worth individuals. It’s a very niche area of the banking and finance world (and definitely one of its best tongue-twisting terms!).
Fiduciary services play a key part in the succession plans of the rich and famous. Millionaires often turn to these private banking specialist services when they consider the future and want to tackle how to grow and pass over assets and inheritance to selected beneficiaries such as children and grandchildren.
The lowdown on fiduciary services
Advisory roles in fiduciary services involve one-on-one meetings with the clients to establish their financial aims, who they would like to benefit from their wealth and in what way (for example, during their lifetime or after the client’s death). They then formulate bespoke suggestions for the best types of fiduciary solutions for them. Advisory fiduciary experts may recommend things such as the establishment of a certain type of trust (there are lots!), investment in a company or setting up a foundation.
Other roles are concerned with the management of assets on behalf of the client and beneficiary/beneficiaries according to the terms set out in the trust agreement (negotiated between the adviser, the client and/or their representatives and solicitors). Trustees manage assets (so buy, sell or invest) on behalf of the beneficiary at varying degrees depending on how much control the client wants to yield in decisions.
Fiduciaries may also run estates for their clients. This could be before or after their death – it all depends on the client’s wishes, which in the most straight forward circumstances are set out in a will or other document. These fiduciaries continue to manage assets and ensure that heirs and named beneficiaries receive what they are due. In addition, there are client management and client relationship roles in this area – it’s important that clients are kept well informed on the progress of their assets.
An exclusive area of finance
Fiduciary services is a highly bespoke and exclusive industry. Fiduciaries may specialise in the team management of fiduciary teams, risk analysis and management, relationship management, trust accountancy or research within a team. Discretion in the work done, top market awareness (often specialist) and a personable, professional manner with clients is paramount.
It’s possible to form a career in fiduciary services via graduate roles such as graduate investment analyst. However, as it’s such a niche area it can be difficult to break into, and a lot of experience in asset management and work with trusts is necessary before you can enter management roles here.
For years I have studied American finance regulations. All the information in this blog is sourced from official or contrasted sources from reliable sites.
Salesforce Certified SALES & SERVICE Cloud Consultant in February 2020, Salesforce Certified Administrator (ADM-201), and Master degree in “Business Analytics & Big Data Strategy” with more than 13 years of experience in IT consulting.