What Should People LookFor When ChoosingA Jersey Trust Company?

Derek RhodesDirector at Alex Picot Trust

There are so many to choose from that people often don'tknow where to turn. There are a number of criteria clientsshould be aware of when choosing a trust company and Ioutline some of the most important ones below.

Selecting a trust companyin Jersey can be difficult.

This can come from your friends and colleagues who already have an established relationship with a trust company or other professional advisers such as lawyers or accountants.

Seek the advice of others when choosing a trust company.

You should ask questions like: How easy is it to meet with your trustee? Do they regularly travel to your location to meet with you? When you meet them do you feel that they are competent

and trustworthy? Do you like them? (If you want a long-term relationship

with a trust company, this shouldn't be underestimated.)

Clients like continuity. The relationship that can be built up as aresult of continued contact with the person or people who are nowresponsible for protecting and growing your wealth is vitallyimportant. It generates trust and so much more.In fact, it's now commonplace for trust company staff to be invitedto important family events as a result of the personal relationshipthat has developed over time.

Service is critically important and aligned to this is continuity of staff.

You must look at your personal situation and ask one fundamental question:

Is it a trust for a family, individual or is it a corporate?

If it’s a corporate…then you're probably looking for financing to developoffice blocks, trading centres of trading estates. Thefinancing would be from large banks or mezzaninefinancing. In these situations, it is usually necessary for thebank to have a close relationship with the trust company.

Families or individuals…often want a more personal relationship. Finding a trustcompany with the experience of working with theintricacies and nuances of a family trust, and who canwork diplomatically with the unique dynamics of a family,is a must. Ask for examples of where they have dealt withfamily disputes or matters of tension.

The larger the trust company,the more expensive it usually is.

Larger firms can have a wider range of skills and relationships withkey third party advisers. Smaller trust companies, on the otherhand, tend to keep staff longer and provide a consistency ofservice that helps to develop long-term relationships.

Fees are also an important consideration.Fees must be transparent and cost-effective, agreed at the outset of anassignment as part of a contract or quotation. You will be amazed at thenumber of companies that don't get agreement on fees and the client isthen left confused or aggrieved. Either way, clients should seek out aschedule of minimum fees to compare trust company prices.

History and heritage are importantconsiderations when choosing a trust company.

A long history, like that of Alex Picot (we were established in 1885!) shows stability and that gives clients a sense of security.Other areas to look for would be:

The length of time senior managers have been with the company A low staff turnover An online presence that is professional, with easy-to-understand content and advice.

This provides you with some of the basics to look out for when choosing a Jersey trust company. At the very least, when talking with friends or colleagues you'll be that little bit wiser and more

knowledgeable about some of the key areas you needto investigate further.

Contact us

mail@alexpicottrust.com

+44 (0) 1534 753753

https://www.linkedin.com/company/alex-picot-trust-company-ltd

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