TIP 1 Holiday Giving
There’s been another year of solid growth in generosity for Americans! According to Giving USA 2018, charitable giving exceeded $400 billion in a single year for the first time in 2017, and 70% of that giving is done by individuals.
They estimated that 35.7 billion of that giving was done by bequest. At Garden State Trust Company, we’re ready to help clients with their philanthropic desires, and offer charitable trusts to maximize the benefits for the giver and the receiver. Learn more by clicking here.
TIP 2 Holiday Spending
The Black Friday and Cyber Monday numbers are in – and spending is strong both in-store and especially online. This is considered by many to be a positive sign regarding the economy as a whole, given that the retail sector supports 1 in 4 U.S. jobs and contributes 2.6 trillion to our annual GDP.
Read our blog post here for some highlights of how this year differed from last year, and some interesting insights into the origin of Black Friday and Cyber Monday.
TIP 3 One of the Greatest Gifts
“I don’t have your money. It’s in Tom’s house…and Fred’s house.”
George Bailey in It’s a Wonderful Life convinced the town’s people to trust the building and loan, so that they could all benefit from the mutual debt that they owed one another that the bank facilitated. Trust and goodwill can create wealth and good fortune. We’re proud to be in a business that is centered on trust.
The great gift that George Bailey received from Clarence (the angel) that turned his life around was to see the positive impact he made on the world (by witnessing the contrary). One does not need to be an angel to give this gift — We can all give this gift to one another, by sharing words, making a toast, and letting our loved ones know the positive impact they’ve made in our lives.
TIP 4 Approaching Retirement in the New Year
Because there is so much confidentiality inherent in trust services, there is some difficulty in trying to understand what’s happening in the industry overall.
Trust companies and bank trust departments can be surveyed and provide general information. According to Trust Updates’ 2018 survey that aggregates and publishes some of this information, both revenues and expenses are up, but revenues have risen faster than expenses (8% vs. 5%). Independent trust companies (like us), reported even higher increases to revenue and expenses, and are still outspending the small trust departments on marketing and training.
So, our niche within a niche is expanding within the trust industry, which is also doing well. We’d be glad to share with you the differences between a national trust provider, independent trust company, and small trust department if you’re interested.