Demystifying the Trustee Industry with Christopher Holtby

The Admired Advisor Podcast

Trusts have long been essential for wealth management and estate planning, enabling individuals to protect and distribute their assets according to their wishes. However, navigating the trustee industry can sometimes feel like stepping into a maze of legal jargon, complicated procedures, and an array of options that can overwhelm even the most experienced advisors.

In this episode, Steve talks with Christopher Holtby, Co-Founder of Wealth Advisors Trust Company. At Wealth Advisors Trust Company, Christopher applies his business building, love of learning, and operational and wealth management expertise gained at Ernst & Young. His role includes learning and facilitating knowledge around the trustee industry to assist in choosing a trust company. Christopher has co-authored two white papers, “Directed Trusts Made Simple” and the “Trusteed IRA”, and authored one published peer-reviewed paper, “An Advisors Roadmap to the Trustee Industry.”

Committed to educating and empowering advisors to help clients understand their options regarding trust services, Christopher demystifies the corporate trustee concerns advisors may have. He talks about how advisors can avoid being flanked by attorneys during trust discussions and why having a generational wealth transfer conversation with a client is important.

Key Takeaways

• [02:47] - Why Christopher founded Wealth Advisors Trust Company.

• [05:42] - What makes Wealth Advisors Trust Company an advisor-friendly company?

• [12:00] - How advisors can avoid being flanked by attorneys during trust discussions.

• [16:20] - The importance of having generational wealth transfer conversations.

• [18:56] - The difference between family trustees and corporate trustees.

• [20:30] - What makes a great family trustee?

• [23:35] - How independent advisors can compete successfully against big firms.

• [31:30] - Christopher's greatest source of fulfillment and enjoyment.

Quotes

[13:10] - "Advisors should have a conversation about generational planning with clients. Who gets the money, when, why, and how is a normal language that an advisor and a client can have." ~ Christopher Holtby

[20:45] - "The best skill for a family trustee is the comfort of saying, "I don't know, I'm gonna go ask." That raw ability to say, "I'm not quite sure. I will double-check that" with impartiality and humility, makes a great family trustee." ~ Christopher Holtby

[25:05] - "Advisors are true craftsmen. The value-add they bring is having the time and attention to detail, being impartial, and being independent thinkers. That's a real value-add." ~ Christopher Holtby

Links

• Christopher Holtby on LinkedIn

• Wealth Advisors Trust Company

• Ernst & Young Family Office

• Northern Trust

• Fidelity Investments

• Charles Schwab

• Pershing

• J.P. Morgan

• Wells Fargo

• Truist

Connect with our hosts

• Steve on LinkedIn

• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts

• Spotify

• Steve on LinkedIn

• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)