The Envestnet Trust Services Exchange is the only advisor-centric solution which supports the entire wealth transfer process through the use of trust accounts. The Exchange integrates advice creation, documentation, goal setting, account implementation, and trustee services within a single platform, while also leveraging a powerful third-party estate planning attorney network. Envestnet launched the Exchange in partnership with Trucendent (https://www.trucendent.com/), a provider of wealth transfer planning solutions designed to help advisors cultivate and grow relationships with the next generation.
"South Dakota offers many favorable trust and tax laws, and easy access to an independent trustee specializing in South Dakota trusts is vital for allowing advisors and broker-dealers to take advantage of these benefits for clients," said John Scarpato, President and Co-Founder of Trucendent. "Expanding the selection of independent corporate trustees on the Envestnet Trust Services Exchange gives advisors more tools and expertise for planning the transfer of wealth for clients and fostering relationships with their clients' children and grandchildren during the process."
Sioux Falls, S.D.-based Sterling Trustees serves as an independent corporate trustee for high-net-worth families around the world. South Dakota enables trust assets to grow free of state income tax and capital gains tax and permits trusts with an unlimited duration—giving beneficiaries ongoing protection from creditors and ex-spouses in perpetuity. Under South Dakota law, family members and their professional advisors can also fulfill traditional trustee roles through directed or delegated trusts. Sterling Trustees serves as an unbiased partner helping attorneys and advisors create, transfer, and manage South Dakota trusts. For more information about the Sterling Trustees offering for investment advisors, please visit https://sterlingtrustees.com/services/investment-advisors/.
"Our mission is to help advisors maintain control of client assets through the use of trusts as they pass to children and grandchildren," said Antony Joffe, President of Sterling Trustees. "Our representation on the Envestnet Trust Services Exchange allows more advisors to ensure clients' family legacies continue as intended under their watchful eyes and increase the likelihood of managing those growing assets for the next generation."
In addition, the Envestnet Trust Services Exchange has been integrated with Envestnet | MoneyGuide, Envestnet | Tamarac, and other offerings across the Envestnet ecosystem. This integration enables advisors to seamlessly incorporate trust account management capabilities into the platforms and workflows currently driving their practices.
"We continue to build and enhance our financial wellness network so advisors can seamlessly create The Intelligent Financial Life™ for clients and their families," said Andrew Stavaridis, Executive Group Head, Solutions Distribution at Envestnet. "The presence of advisor-friendly trust companies on the Envestnet Trust Services Exchange gives advisors the power to expand the definition of advice they can deliver and take the initiative to easily manage the transfer of clients' assets to future generations."
Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 106,000 advisors across more than 5,200 companies—including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage the Envestnet platform to grow their businesses and client relationships.
Trucendent provides a suite of estate planning and trust transfer solutions which are designed to help advisors connect with the next generation. The firm's offering enables a seamless wealth transfer process that incorporates crucial family insights. Trucendent has created a powerful network comprised of leading estate planning attorneys along with the industry's leading advisor-friendly corporate trustees for effectively servicing all types of trust accounts.
In addition to empowering advisors to leverage the unique characteristics of a trust account to achieve their clients' goals, Trucendent engages all parties involved in the wealth transfer process—advisors, attorneys, family members, and trustees—through a cohesive and collaborative platform that provides a unified and consistent experience. To learn more about Trucendent, please visit www.trucendent.com.
About Sterling Trustees
Sterling Trustees is an independent South Dakota chartered trust company providing trust and administration services to high net worth families in the United States and in over 25 countries internationally. By removing all conflicts of interest, Sterling provides advisor friendly trustee services. Sterling will act as either a delegated or directed trustee and does not provide any investment management services. The Company is based in Sioux Falls, SD.
For more information, please visit www.sterlingtrustees.com or call 605.593.8950.
This release refers to information products or services that may be in development and not yet available. Accordingly, nothing in this release should be construed as a representation or legal agreement by Envestnet to make available specific products or services (including, without limitation, concepts, systems or techniques).
Neither Envestnet nor its representatives render tax, accounting, or legal advice. Any tax statements contained herein are not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax penalties. Taxpayers should always seek advice based on their own particular circumstances from an independent tax advisor.
JConnelly for Envestnet & Trucendent