 |
1. Who is First Private Bank & Trust?
First Private Bank & Trust is a member of the Boston Private Wealth Management Group (NASD: BPFH), which manages over $30 billion nationally (see www.bostonprivate.com). The Boston Private Wealth Management Group is a special group of affiliated firms that meet stringent standards of excellence and share an uncompromising commitment to quality wealth management solutions. Only firms with demonstrated performance, strong leadership, and a focus on enduring client relationships are selected. Boston Private supports member firms with access to financial capital, intellectual expertise and a peer network to compliment their unique strengths.
2. What services does a Trust and Investment Department provide?
We have a team of Wealth Management professionals at the Bank to help our current and prospective clients with the investment and estate planning needs of their investment assets - stocks, bonds and cash, that may be held currently at brokers and/or other banks. Please see the more detailed information in the Wealth Management section of this web-site.
3. What is a Trust?
A trust is a contract between the person or persons who own the investment assets, and trustee, such as First Private Bank & Trust. The trustee manages the assets as the owner's instructions dictate in the trust, often continuing to hold the assets in trust for the benefit of the owner, his or her spouse after the owner's death, and then for the owner's children after the death of both spouses. Typically, the income (interest and dividends) from the trust is distributed, and the underlying trust fund (called the trust principal) grows, with its capital gains kept in the account. At some future point, often the death of each child, his or her share of the trust is distributed to that child's children and the trust ends as to that share.
4. What is an Investment Agency Account? Is this different from a Trust?
An Investment Agency Account is an investment account where First Private Bank acts as Investment Agent, not Trustee. Unlike a Trust, an Investment Agency account terminates upon the death of the owner and is paid to his or her Estate. First Private also serves as Investment Agent for Trustee, so that if an individual is named by someone to serve as a Trustee, we can perform the investment functions for the Trustee, with the Trustee monitoring our investments over time.
5. What do you charge to manage an Investment Agency Account or a Trust?
Our minimum fee to manage the investments in a Trust or Investment Agency Account is $12,500 per year. Our specific fees are detailed in our written Fee Schedules. For more details please contact us at 818-832-3800.
6. Why do you suggest that people establish a Trust during their lifetime, instead of putting the Trust in their Will?
Frequently the owner of the investment assets will like to, in effect, take a "test drive" of the Trustee services offered by First Private, while the owner is alive. He or she meets the Relationship Manager responsible for the account, and the Investment Officer who handles investments. There can be as much, or as little, interaction as the owner likes during his or her lifetime, and the owner can choose to introduce his or her spouse and/or children to the First Private officers. In that way, the family becomes accustomed to working with the bank and the owner can see the performance of the investments over the course of his or her life. If most of the owner's assets are put in the name of the Trust, the owner's estate can avoid Probate, the process of having a court approve a will and inventory and distribution, which can be time-consuming and expensive.
7. I have a lawyer, accountant and insurance agent. How will First Private coordinate with them?
We routinely work with an estate-planning team made up of such professionals, to help accomplish all of your goals.
8. How will you invest my assets that I may put in Trust or an Investment Agency Account?
First Private Bank & Trust has arranged with one of its affiliate investment managers, Sand Hill Advisors in Palo Alto, California, to develop various investment programs, from Conservative investment styles to more Aggressive ones, in order to manage your portfolio. Our Investment Officer at First Private Bank will work closely with Sand Hill Advisors, and will monitor your account at all times. Whenever you wish, your Investment Officer will meet with you to review the performance of your investments.
9. Do I have to come to your offices?
No, our Trust officers will be glad to meet you at your lawyer's office, your home, or wherever is convenient for you, at a time that is convenient for you.
| Not FDIC Insured. No Bank Guarantee. May Lose Value. |
|
