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| Summit Trust Company |
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Mission statement:
We have several very important missions here at Summit Trust Company. We feel that we are a very innovative organization and that we are doing some things that other trust companies of similar stature are not doing. These include designing special platforms for advisors, insurance agents and attorneys that help them to be different and better than their peers. Also included is our desire to set a higher standard for the ultimate client, in terms of the quality of the professional team that serves them.
So an important mission is to help the client find a well-trained, highly-skilled and well-coordinated team of professionals to take a more global view of the client’s needs, and to bring a more robust set of choices among the solutions offered to solve problems. This means that we at Summit must provide a method for the teams to be assembled and to be trained and oriented toward a “multiple silo” solution source, rather than each individual residing in their own silo of expertise, and not allowing others in or out.
Next is the mission to mentor a select group of advisors and insurance agents, who will be the elite, standard-bearers for others. We can only help to develop ten to fifteen teams a year, based upon our current staffing and time availability. The mentoring process is deep but not highly structured, because each prospective team member, the advisor and insurance agent, will be coming at us with a different skill-set, mindset, education and experience. This is wonderful for us, and for the other teams, who will be expected to interact with all the other teams.
So we have assembled some tools and we have some educational programs. Indeed, some of the advisors and agents also have tools and educational materials that they are able to share with the others.
Our goal is to create a group of teams in strategic locations throughout the country that will be the most unique purveyors of trust, investment, retirement and charitable services in the country.
We realize that not very many advisors and insurance agents are interested in buying into our mission. On the other hand, not very many will qualify, by a host of measures, for becoming part of the team. We are a close, not closed, organization, with a high spirit for achievement and creativity. We are gaining a reputation for being small and agile, special and aggressive, caring and mentoring, responsive and accommodating.
We are ultimately what the teams make of us, and therefore we want to keep the teams close, careful and caring. The team members will help to build the teams and our reputation. We don’t mind doing it slowly, at the speed of the team – not too fast, not too slow. Let us know if this sounds good to you. |
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Profile:
Summit Independent Registered Investment Advisor Services (SIRIAS) provides trust administration and custodial services to Independent Registered Investment Advisors and to professional insurance agents. Many of their clients consider that the fixed index annuities and equity index life policies should be considered as being among their important assets. Summit now permits the advisor or insurance professional to have these insurance products displayed on their clients’ statements, along with other investments.
Independent RIA’s use SIRIAS® as custodian for the various investments that they are managing for their clients. For some, it makes sense to use some of the fixed income portion of their portfolios to acquire fixed index annuities or equity index life insurance. This serves a similar purpose as fixed income investments, especially if the advisor follows modern portfolio theory. Often the insurance products pay a higher return, which can be tax-deferred. Summit believes that including the cash values of the annuities and policies on the statements helps the advisor and/or insurance professional to illustrate the benefit of owning such products to their clients.
Summit permits advisors to select and manage their clients’ investments, including Dimensional Fund Advisors (DFA), SEI Portfolios, various ETF portfolios, Alternative Investments, Hedge Funds, and specially designed Collective Investment Funds for Qualified Plans and Common Trust Funds for various trust accounts.
Summit specializes in working with advisors and agents in the use of charitable remainder trusts, whereby the advisor manages the portfolios and the agents can employ both annuities and life insurance policies. Summit offers training in the design and marketing of charitable remainder trusts, and can point to significant revenue being generated for the advisor and/or agent when they full understand the potential use of charitable vehicles. |
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Overview:
Summit Trust Company offers Comprehensive Solutions for Independent Registered Investment Advisors and for Independent Insurance Professionals who refer investment clients to Summit.
Many Independent Registered Investment Advisors control the primary relationship with their investing clients, but depend upon other investment firms to manage the money. Many others serve as asset gatherers, and choose mutual funds, money management firms, hedge funds, or some other specialists to manage the money. Summit Trust Company provides a comprehensive solution to the Independent Registered Investment Advisor.
Most advisors want to present a professional appearance to their clients, especially when it comes to providing investment account statements and billing for services. In most cases they do not need the complicated services provided by the major custody and clearing organizations that provide multi-lingual reporting, international trading and clearing on over 60 stock exchanges internationally, non-U.S. Dollar Processing, Compliance with International Regulations, global fixed income trading, and many other very sophisticated services that only the very large money managers require.
Our clientele of Independent Registered Investment Advisors want a quality of service that is tailored to your unique needs. The following TOPICS cover things that we know you need:
Trading Services
You want execution that meets with the highest standards.
You want access so that you can enter your own trades.
Operational Support
You need very good Clearing and Settlement, whether you are trading stocks, buying and selling mutual funds, money markets, fixed or variable annuities, or ETF’s.
You want a Custody Service that handles all of the different kind of assets your client may own, including stocks, bonds, mutual funds, real estate, private equity, annuities and cash value life insurance.
You want a Billing Service that works and simplifies your record-keeping.
You want your own customized fee schedules for a variety of situations.
You want dividend and interest income posted on payable date and swept.
You want streamlined account opening saving you and your client time.
You want your own company name on Client Statements and other reports.
Practice Management
You need access to experts who can coach you on increasing your “value proposition”.
You want a full range of retirement planning solutions and wealth management solutions.
You want a complete range of trust services, including trusts for minimizing estate taxes, protecting assets from litigation, passing assets and businesses to heirs, fulfilling family philanthropy objectives, and caring for special needs children and spendthrift children.
If you have clients that require full estate planning, we provide access to the very best estate planning support that you can ever find.
If you have business owner clients who need to enhance their business performance, or to create a plan to exit their business in style, we provide resources to support you with that project.
You want training, consulting and marketing planning support.
Innovative Solutions
You want access to the administration of superior platforms, such as DFA, SEI, ETF’s, Unique Separately Managed Accounts, Hedge Funds, Fixed Income products, Private Equity sources and other special opportunities, including fixed index annuities and equity index universal life.
You want the ability to download data to Advent Axys®.
You want the ability to have private label Common Trust Funds, Collective Investment Funds.
Compliance Services
You want guidance on how to manage your compliance program
You want the ability to vote proxies through Proxy Trust.
You want customized reports for regulators and/or auditors.
Service
You want online access to account information, including current and historical statements, performance and billing, both for yourself and your client.
You want a streamlined account opening procedure that saves you time and expense.
You would like access to cash management and lending solutions for your clients.
All of us at Summit Trust Company are serious about SIRIAS®. We are pledged to give you the support that you deserve. Regardless of the challenges that you are facing, we want to be the first place you call. We have over 40 years of experience in every aspect of financial services, including operation broker/dealers, running RIA’s, Insurance Agencies, business coaching, banking services, trust services, retirement plans, business planning and marketing all types of financial and non-financial products and services |
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History:
Summit Trust Company was conceived in late 2003 as a result of the need we saw for a special kind of trust company to serve professional advisors and their clients, and because of the turmoil that was happening in the trust company industry.
Trust Companies nationwide were attempting to "bulk-up" their size in a competitive effort to survive a growth frenzy. Many institutions pursued the ill-conceived strategy of creating earnings by relaxing standards and a free-for-all merger and acquisition strategy designed to create size as an end unto itself.Nevada has a tradition founded in a legacy of private and corporate wealth. Out of that legacy grew financial institutions where respect for the client and the client's objectives created a community with an institutional character based upon personal attention and the needs and desires of their family and institutional clients.
During the late 1980's, the merger and acquisition mania caught up with many trust companies throughout the country. Many succumbed to offers of out-of-state banks and trust companies, and soon became bland, institutional, faceless purveyors of financial services. Clients who had for decades relied on experienced personal attention were now introduced to 800 numbers, computerized menus, and voices hundreds of miles away who had not the slightest familiarity with their needs.
Our founder recognized that an opportunity was at hand to create an institution designed exclusively for a market that was entitled to the kind of service that was now merely history with other national institutions. The idea was to build a financial institution staffed with seasoned, highly competent, experienced and empowered professionals whose knowledge, experience and history of personal service distinguished them from the crowd.
The name of the Trust Company was chosen for two reasons: first, we wanted our potential clients to know that we wanted to provide to them the highest level of personal service and that we would provide the peak of performance. Second, we will stand alone and highly visible in offering highly tailored and specialized services that no other trust company will be willing to offer.
We received our charter in Mid-November, 2004, and opened our doors to our first customers on May 15, 2005. |
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