Sioux Falls, SD -- (SBWIRE) -- 05/22/2019 -- Sterling Trustees, one of South Dakota's most highly-rated trust companies, provides outsourced trust administration for family offices. These organizations, serving wealthy families, can benefit from the cost, independence, and technology advantages provided by an independent corporate trustee.
Whether it's a single-family office or one that serves multiple families, a consistent theme we hear is there is a lack of qualified independent trustees to serve in the family office market. This has been driven by three factors. First, there is a lack of in-house expertise within the family office as trust administration is fundamentally different from the typical investment management, legal and accounting services that family offices provide to its families. Secondly, for family offices located in high tax states, having in-house trust admin staff doesn't make any sense because situsing trusts to states like South Dakota, that have zero state income or capital gain taxes, saves millions of dollars in taxes over the lifetime of a trust.. Lastly many family offices can't afford to purchase the right technology to provide automated data aggregation and trust accounting across multiple custodians as well as for non-liquid assets like hedge and private equity.
Outsourcing trust administration to an independent corporate trustee can be in the best interests of single and multi-family offices. Sterling Trustees is an independent corporate trustee that provides outsourced trust administration to families looking to leverage a no tax state like South Dakota, a technology platform that automates the accounting for all trust assets and lastly bring objectivity in the administration of trusts. This objectivity alleviates the complex dynamics of interfamilial relationships and the conflicts that arise from them, can be avoided by outsourcing the trust administration function.
Interested family office representatives can learn more about Sterling Trustees at https://sterlingtrustees.com. To speak to one of Sterling Trustees about trust administration for family offices, call (605) 593-8950.
About Sterling Trustees
Sterling Trustees is a South Dakota-chartered trust company located in Sioux Falls, South Dakota. By working independently, the firm allows its clients to avoid the extra costs and conflicts of interest associated with large financial institutions. Sterling Trustees' main goal is to keep assets safe while remaining objective.