It’s important to bear in mind that whether you are a professional trustee, or a lay trustee who acquired the role in an informal context, you have the same essential responsibilities.
Without properly considering these, and making sure you stay compliant with them, you could be exposed to a claim against you (and individual trustees will have a personal liability). This may not be so apparent when you are in those less formal settings, for example, administering a family trust. But the responsibilities are exactly the same and, therefore, the risks can easily be underestimated.
For trustees acting in a professional capacity, the expectations are understandably very high in terms of adherence to the relevant laws and regulatory guidance. Either way, it is extremely important to have a good understanding of your powers, responsibilities and duties in order to minimise the risks.
- Our Financial Planning for Trustees service is designed to provide a package of related services which help trustees ensure they remain fully compliant with the relevant regulatory guidance.
- We provide a specialist service to trustees, with tailored processes and solutions, and significant experience of this complex area.
- We are fully Independent financial planners. We have no attachment to investment product providers and no conflicts of interest.
- We have experience of later life and vulnerable client issues and are well equipped to deal with this sensitive area when it arises in relation to beneficiaries.
- We carry out robust cashflow forecasting and scenario testing, to help trustees decide on a suitable investment strategy which balances all the competing risks appropriately.
- We work in accordance with the trustees’ investment policy statement, and incorporate this in our ongoing review process. We can help with your policy, and check existing documents to make sure they are fit for purpose.
- We can coordinate with other experts on your behalf, and help source legal and tax expertise where necessary. Our aim is to bring together expertise in different areas under one dedicated contact, to make trustees’ lives easier.
- We have a clear and transparent charging structure.
- We offer an initial audit of existing trustee arrangements, highlighting any potential areas to address.
- Our investment approach lends itself well to trustee investments, with the additional need to justify all elements of cost and adherence with Trustee Act 2000 guidance in areas such as portfolio diversification. See our approach to investing for more details on this.
The Financial Conduct Authority does not regulate Trust Advice.
Your capital is at risk. The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
