As a trust beneficiary with questions about your trust, you need a trust officer who understands and listens to you. At a traditional large bank, trust administrators may manage hundreds of accounts. When you reach out with a question, it's likely you'll have to remind him or her of your family history and pertinent details. You may even be sent to a call center to talk with someone you don't know at all.
The reality is that traditional large banks exist first and foremost to manage money—that's what they were established to do. This focus on money management can create frustrations and a low level of service for individuals looking to traditional banks for trust services.
Cumberland Trust was established to be a better alternative to traditional banks for trust clients and their advisors. We believe trust administration works best when everyone on the client's team focuses on their specialized field. Cumberland Trust set out to be the best at personal trust administration, leaving the money management component to financial advisors.
"At the core of our business, we are a client service-based fiduciary," said Lou Anne Wolfson, a vice president and senior trust officer at Cumberland Trust. "If you call us with a question about your trust, we immediately know what you are talking about and know your family history."
Cumberland Trust focuses solely on trust and estate administration. This allows it to prioritize client service, to be free of conflicts of interest, and to partner with financial advisors who can focus on investment management. Ultimately, this allows the client and everyone else on their financial team to thrive.
Typically, the trust administration team includes the family and four key team members: an estate planning attorney, a financial advisor, a certified public accountant, and a corporate trustee, such as Cumberland Trust, who focuses on proactive trust administration.
"Cumberland Trust provides education, administration, and distribution services to our beneficiaries, which are all essential components to a successfully managed trust," added Renée Frederiksen, a vice president and senior trust officer at Cumberland Trust. "Our trust officers have the time and capacity to give attention to each beneficiary and task at hand, creating a mutually beneficial relationship for the family and all members of the trust team."
Cumberland's open architecture platform better serves families by preserving valuable relationships and allowing each advisor on the trust team to concentrate on their area of expertise.
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