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Fiduciary: Amateur vs. Professional
November 17, 2014 @ 11:30 am - 1:00 pm
David Redding, Frost Wealth Advisors
We hear a lot these days about “holistic” wealth management — service that goes beyond traditional investment advice — and how advisers should handle the disparate needs of their clients as part of a seamless whole. One of these needs is trust and estate planning. In all cases, it’s an attorney who drafts the trust document, but other professional advisers and gift officers also have a role to play.
Consider this scenario: When a client sets up a charitable trust or a trust for his children and/or grandchildren, one of the biggest decisions he will wrestle with is who to appoint as trustee. Should it be an individual, such as a spouse, friend, business colleague or relative, or a corporate trustee? It’s a tough choice, and the client may turn to his professional adviser or gift officer for guidance. In either case, selecting the right trustee is essential to keeping a trust functioning smoothly and as it was intended.
The term “fiduciary” is a legal term intended to refer to a person who, because of the position they hold, has a responsibility to act primarily for another’s benefit. The interplay among tax laws, investment performance and a beneficiary’s wellbeing shapes a fiduciary’s responsibilities.
The presentation will address the pro’s and con’s of selecting a corporate or individual trustee/fiduciary and highlight the benefits of both and the drawbacks of each.
DAVID E. REDDING, CTFA, CWS®, AEP
Executive Vice President
Trust Regional Manager-Austin
David Redding has been a member of the trust banking community for over 25 years. David Redding is the regional manager of Frost Wealth Advisors in Austin. He formerly served as Executive Vice President of a Trust Company responsible for the management of the private trust and investment division. David specializes in estate and private trust administration, court created trusts, and private asset management. He currently serves on the Board of Westminster Manor. David is past President of the Central Texas Estate Planning Council, sustaining member of the Young Men’s Business League, and the Texas Aggie Corps of Cadets. He also previously served on the administrative council of the Texas Bankers Association Wealth-Management Division. He is a graduate of Texas A& M University, with a Bachelor degree in Marketing and an Honors graduate of Cannon Trust School. David is a Certified Trust and Financial Advisor and holds his designation as an Accredited Estate Planner by the National Association of Estate Planners and Councils. David is also a Certified Wealth Strategist.
• 10 years with Frost Bank • 25 years trust and investment related experience