Online Banking And Trust Services Are Made For Agility

Posted by Ned Armand, President of Eastern Point Trust Company on Dec 18, 2015

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Financial institutions with the experience and talent to offer online services are better situated to meet client expectations quickly.

Key Takeaways

  • Online services are available from financial institutions.
  • Online plans save you time and money.       
  • Online financial institution services are primed to meet client needs.

 

Online Banking – It's Quite Simple

The Oregon-based Simple Bank has been making headlines of late. Described as the future of banking, it has chosen to distance itself from traditional financial institutions. Operating for three years, Simple Bank has hundreds of thousands of customers and sees a customer base increase of approximately 10% each month. This translates to a bank with over 800 branches, which it eliminated to save clients from certain fees.

Reducing the cost to the client is the objective for Simple Bank, as well as many financial institutions. More than 40% of banking customers see themselves banking via mobile sites in as little as three years, with as many as 72% already banking online. Financial institutions with the wherewithal to anticipate these needs are primed for growth and customer satisfaction.

Anthony Marshall, research director at IBM's Institute for Business Value, is quoted as saying, "these companies sort of born in contemporary technologies just have a better agility to offer better services, faster."

 

Putting Trust in the Internet – Online Trust Services

Among the services now transitioning to the internet is online trust services. This innovative fix to an expensive trust service gives grantors greater access and eliminates costly attorney fees, which can cost upward of $300 per hour.

Kiss Trust, a division of Eastern Point Trust Company, is one such service. Leveraging its extensive experience in trust administration, law and technology, Kiss Trust has designed a flexible online trust creation and administration platform, easily accessible by friends and family to make contributions simple.

This all-in-one savings plan gives grantors the ability to establish trusts with a starting balance as little as $25 plus a software licenses and shipping fee of only $49. Grantors can now plan for the future while being provided with the control necessary to account for many issues such as special needs, medical hardships, health, education, support and maintenance (HESN) provisions, and even a bad behavior penalty option.

 

The Future is Now

Since 2012, Americans have created more online irrevocable trusts through Kiss Trust than any other service. This one-of-a-kind service is gaining momentum and is becoming more and more recognized as a go-to solution.

With ease of online access for both grantors and donors, a host of options to anticipate a wide variety of future needs, and low cost for set-up, there is no reason to delay opening a trust for family members. In as little as 20 minutes for as little as $25 plus an administration license fee, your savings trust can be started.

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Tags: Robo-Trustee

The 5 Roles of Your Fiduciary

Posted by Ned Armand, President of Eastern Point Trust Company on Apr 27, 2015

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Fiduciaries often take many roles when performing their job. Not all are the same, despite following similar role guidelines.

Key Takeaways

  • Not all fiducaries share the same principles, even though the guidelines of their roles are strict.
  • It is important to understand fiduciary roles and resposabilities when appointing your trustee.
  • Third-party, instiutional trustees are often more accurate in performing fiduciary duties, in contrast to a personal trustee whos decisions may be clouded by their personal relationship with the grantor.

 

The Roles of a Fiduciary

After understanding what a fiduciary is, it is important to know the roles fiduciaries have. Knowing that fiduciary relationships entail upholding certain duties – (1) the duty to act loyally to another party and (2) the duty to care for another party, is critical because it will help you differentiate between fiduciaries and non-fiduciaries.

Fiduciaries wear many different uniforms and carry many different responsibilities. Fiduciaries can be your mother, your neighbor, your financial advisor or preferably your professional independent trustee. Whatever their titles may be, their roles are all the same. Here are five to start off:

  1. The altruist. Fiduciaries may not profit from their relationship with another party, unless they have contractual consent by that party.
  2. The law-abider. Fact: fiduciary relationships are the strictest duty of care governed by the United States judicial system. Penalties are severe if a fiduciary breaks their role.
  3. The perfectionist. Since their roles must be upheld, by law fiduciaries must perform their duties perfectly to be effective.
  4. The master. The expertise fiduciaries often have distinguishes them from other types of financial planners. Fiduciaries can become certified fiduciaries, and must have an extended knowledge of law, finance, and trusts.
  5. The trusted. A Trustee in the form of a fiduciary ensures that an individual’s assets are being used exactly how they intended for them to be used. The fiduciary is guided by the terms of the trust and by law.

Institutional Trustees and Fiduciaries

Third-party trustees are a great way to get the most out of your assets. Being that fiduciary relationships are highly revered, they can come at a higher cost. However, having the highest form of oversight may be worth it as you can enjoy peace of mind that your and the beneficiary(ies) trustee is unbiased and professionally held to the highest possible standard. Experienced low-cost, third-party trustees are not readily available, but Eastern Point Trust Co. offers extremely affordable robo trustee services such as Kiss Trust.

Download a Personal Trustee Checklist See How Kiss Trust Compares

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Tags: Fiduciary Duty, Fiduciary Roles, Robo-Trustee, Fiduciary Relationships

Robo-Advisors Meets Robo-Trustees

Posted by Ned Armand, President of Eastern Point Trust Company on Apr 23, 2015

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Robo-advisors, such as Wealthfront, have been making headway lately by providing their clients with an automated wealth management service. Kiss Trust is doing the same for trust funds, making it affordable for all to establish a trust.

Key Takeaways

  • Automating financial services lowers cost, which means affordable investing and financial planning for more people.
  • Betterment, Wealthfront, Charles Schwab, and others are considered robo-advisors, are disrupting the financial planning industry by bringing affordable, automated financial planning to low income individuals.
  • Kiss Trust's proprietary, patented trust software brings low-cost, high-valued trust solutions to millions of Americans, and others across the world.


Automated Financial Services Disrupt An Entire Industry


Robo-Advisors Pave The Way For Automated Financial Planning

Robo-advisors, such as Wealthfront, have been making headway lately by providing their clients with an automated wealth management service. The service goes as far as investing a designated amount of cash into a collection of Index-based ETFs. The typical use for a robo-advisor is as an inexpensive alternative to hiring an investment advisor or broker. This technology has advanced into the trust industry.

The Only Robo-Trustee: Kiss Trust

Bundled trustee services include an intuitive, self-automated trust creation process, trust documents, lifetime fiduciary services including asset management, and institutional trustee services. Bundled trust products are not a legal service, but offer individuals the power to self-create and manage their own trust fund. With the advances in technology exploding in the personal finance sector, robo-services are becoming ubiquitous in wealth management, financial planning and estate planning.

Essentially, robo-trustees take wealth management a step further than robo-advisors. Robo-advisors assist in creating and implementing investing strategies. The account can be liquidated upon the owner’s demand. The individual is then faced with the challenges of planning for use of the assets. Preparing a will or trust, planning to minimize taxation of assets, controlling the use of those by future generations, and simply budgeting use of the assets to mitigate the dissolution of the estate are worries that arise in planning for our final estate. Using a robo-trustee eliminates those problems.

An all-inclusive robo-trustee provides a one-step solution to current financial planning needs as well as final estate planning requirements. It provides a means to trust creation, investment management, and trustee services.

As a relatively new service within the last decade, robo-trustees and robo-advisors are a disruptive force in the financial services industry. They offer the chance to create a self-service trust and institutional trustee services for a small fraction of the cost of traditional trust solutions.

See For Yourself! Compare Costs of Kiss Trust vs Your Local Attorney or Bank

 

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Tags: Estate Planning, Trustee, Financial Advisor, Wealth Management, Robo-Trustee, Robo Advisor

Kiss Trust

Creating a Trust
Has Never Been Easier

Kiss Trust is the only patented total trust solution in America. Kiss Trust Is a self-help trust creation tool with integrated trustee services and access to over 5,000 mutual funds, 1,000 ETFs and a brokerage account with stocks and bonds. Kiss Trust lets you create a powerful custom irrevocable trust without the expense and trouble of hiring an attorney.

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