Dynasty Financial Partners has partnered with National Advisors Trust Co. to offer Dynasty’s financial advisors the ability to offer trust services, National Advisors Trust Co. says in a press release.
“Trust services are an essential component of any comprehensive wealth solution,” James Combs Jr., president and CEO of National Advisors Holdings, says in a statement.
“As the Dynasty Network Partner Firms have grown in size and complexity over the years, so have the needs of their end clients" writes Austin Philbin, Dynasty’s chief administrative officer and managing director, in an e-mail to FA-IQ. "Corporate trustee services continue to be an integral part of wealth planning for the high- and ultra high net worth client.”
He notes that Dynasty has provided advisors in its network access to custodial trust and independent trust companies in the past. The arrangements are not formal partnerships, but rather based on client need, he says.
Dynasty’s move comes as wirehouses are increasingly urging advisors to cross-sell bank and trust services to their high net worth clients. In some cases, that puts advisors in an awkward position. Jonathan Trusty told FA-IQ last month that he and his team left Merrill Lynch to join the Sanctuary Wealth RIA network in June of last year precisely because of the pressure to peddle loans to maintain their prior year’s compensation levels when such loans weren’t beneficial to the clients.
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