One size does not fit all.
Serving as trustee is a role full of upside and opportunity. It’s also one that has the highest legal regulations and takes place in a landmine filed of liability. Within this complex enviroment, risk can be minimized, upside increased, but responsibility and exposure must be first be understood.
INDIVIDUAL TRUSTEES: As an individual trustee, it’s likely you were selected because the you are believed to be honest, reliable and qualified by their education and experience to do the job. It is a great honor to be named a fiduciary and administer valuable assets for the benefit of the individuals and entities most cherished by the settlors and decedents. The job of a trustee or personal representative can also be very demanding, and as fiduciary (the highest duty under the law), you will be called on to make decisions which are governed by a complex, often contradictory, body of laws. Are you aware of the substantial risk in making such decisions during these litigious times? Are you equipped to handle your role by fully understanding what’s required of you? Nomadx Solutions work with you, and your team, so you’re able to do your job well and avoid significant risks inherent to your position.
PROFESSIONAL ORGANIZATIONS: Are you one of the many professional organizations such as a law firm, CPA firm, and financial advisory firms, that are working to be provide invaluable service to your clients and, also, develop new sources of revenue as fee compression and regulatory pressures continue to grow? Nomadx helps address these challenges by providing resources that enable firms like yours to offer clients a greater range of profitable services while reducing the evolving risks to the organization.
TRUST COMPANIES: Every trust is unique, as is every trust company. Operating in this complex environment our expertise in understanding the nuances often missed by generalists. Regulations and requirements imposed by state law can be confusing and, as the laws evolve, they will be tested through litigation and regulatory actions. An institutions needs advisors who are experts in the industry and understand these complexities. Are you absolutely certain your current practices and programs comply with regulations? Where do you have exposure that you’re unaware of?
FAMILY OFFICES: Every family office as different as one family is from another. Are your current programs enabling you to serve your clients with full focus, complying with every regulation and mininiming your risk? As you know, laws are evolving, litigation is increasing, and it’s imperative to implement best practices to serve better and avoid detrimental loss through transferring risk that action can’t mitigate.
INSTITUTIONS: As an institution, you have policies, procedures and programs in place. Are you confident you’re meeting regulatory requirements? How are you minimizing risk through your practices and procedures? What risk can’t be mitigrated and must be transferred? Are you being asked to accept a co-trustee and do you fully understand what risk this brings to you? Are you being financially rewarded for the steps you’ve taken to minimize various risk? You’re most likely already working with high caliber generalists and that’s okay because we play well with others. As experts in our field of insurance (we helped pioneer D&O and E&O insurance) and estate law our goal is that each part of the team operate at it’s best. We do what we do best so you can do the same.