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• W2994213090 abstract "Bank trust departments can take on the nonbanks if they step up their selling efforts and provide convenience Trust bankers are looking over their shoulders at the major nonbanks plunging into the personal trust business. Merrill Lynch's trust companies manage $27 billion in personal trust assets and hope to grow that to $100 billion by 2000. A.G. Edwards recently opened new offices of its trust company in Florida, Texas, and New Jersey. Edward D. Jones last May purchased a savings and loan that had federally chartered trust powers, and it's getting that business up and running. Schwab and Fidelity are offering self-trustee trust accounts through investment centers. Schwab has about $25 billion in personal trust assets under management. Banks' share of personal trust assets shrunk from 54% in 1993 to 42% in 1994 and mutual funds and brokerage firms grew their share from 6% to 16% in the same period. brokerage firms started from zero and haven't really tried that hard yet, according to research firm PSI in Tampa, Fla. This is not a major foray to become trust powerhouses. It's a realization that they've lost business because they don't offer trust services, says John J. DeMarco, senior vice-president. Merrill focuses on successorship Merrill Lynch says it is simply meeting a need of its existing client base. The reason we got into the trust business back in the early '80s was twofold, says David W.S. Chambers, chairman and chief executive of Merrill Lynch Trust Cos., Princeton, N.J. The firm decided it would like to deliver planning-based services to clients as opposed to being just a transaction-based institution. Secondly, clients said that having dealt with Merrill Lynch for many years they did not like the idea that when they did their estate planning, they would have to choose an institution they did not have experience with as their trustee. Merrill Lynch's 12,000 financial consultants are managing $670 billion in client assets. Estate planning is a major need, according to 90% of those clients. company's trust business far is unprofitable because most of it is future-fee successor business--the clients self-trustee their trust accounts now, but they've appointed Merrill to take over for them when they resign or die. Unlike a lot of our banking competition, because we have an existing relationship with that client on the broker/dealer side, we track that successor deal as if it were a current-fee deal, Chambers says. company tracks how much money is in the accounts, holds cocktail parties for these trustees, and maintains a close relationship, so our conversion rate of successor business is probably four to five times what a traditional trust company would get. Merrill has 30 trust officers and 33 trust offices. It offers trust services in 39 states and the District of Columbia. Among the nine holdout states are Virginia, South Carolina, Nevada, and Louisiana. Michigan gave the go-ahead last month, and New' York is negotiating. Schwab's do-it-yourselfers Charles Schwab & Co., San Francisco, is right behind Merrill Lynch in personal trust assets. It has a trust relationship manager in all of its 220 branches. It recently put new salespeople in the field to call on attorneys and accountants. Its Personal Trust Account has a minimum of $1,000 and no annual fee and lets consumers choose among 900 mutual funds. It provides an 800 number service ten hours a day at which branch staff and customers can call trust specialists with in-depth trust questions. All these trust experts have access to customer account and transaction information on their PCs. During off hours, some information is available by phone 24 hours a day seven days a week. no-fee feature is a lure. Some people are tired of the fees they're getting at banks, says Mark DeVincenzi, senior product manager for personal trust services. Here at Schwab if you open up a trust account with more than $5,000 you get free checking. …" @default.
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• W2994213090 title "New Competitors and What You Can Do about Them: Bank Trust Departments Can Take on the Nonbanks If They Step Up Their Selling Efforts and Provide Convenience" @default.
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