Principal Trust Company is expanding its trust services to be available to more financial advisors, the company announced.
In the past, the trust services were available through 1,100 financial representatives in 30 core business centers across the country. The centers are part of the Principal Trust Company network of financial professionals who sell across all product lines of the company.
With the expanded distribution, the trust services now are available to more than 24 alliance firms, reaching potentially hundreds of financial advisors. Some of the firms have no in-house trust services, while others have limitations in what they offer. Principal will offer a full range of trust services through these firms while the firm retains control of assets. Examples of these types of firms include Goldman Sachs, LPL Financial, UBS and Merrill Lynch.
Principal Trust Company’s Delaware Directed Trusts allow for the separation of investment and administrative duties. This allows the financial advisor to maintain investment management with no minimum requirement on trust size, while Principal Trust Company serves as corporate trustee and handles the trust administration.
Principal Trust Company provides trust services including periodic and discretionary distributions, tax preparation and tax reporting. The company also addresses estate, gift and generation tax issues, creates dynasty trusts to stretch assets for future generations and handles business succession planning and estate equalization, among other services.
“Clients can benefit from advantageous trust laws in Delaware as well as the expertise of our personal trust team, all while working with the financial professional they already know and trust,” says Barrie Christman, president and CEO of Principal Trust Company.
