Monthly Tips January 2019

Monthly Tips

JANUARY 2019

 

TIP 1 New Year’s Resolution
https://gstrustco.com/about/executive-leadership/

If at first you don’t succeed; try, try again. A partial success is worth celebrating, and a complete success is worth repeating. Let’s renew our efforts to achieve our New Years’ resolutions.

At Garden State Trust Company, our New Year’s resolution is to provide our valued customers with such exemplary service that they would feel entirely comfortable making a referral to us. A referral is the greatest compliment we can receive, and we will continue to make sure the trust extended is well deserved.

Wishing you and yours a very Happy and Healthy New Year!

 

TIP 2 Glued To a Screen
https://gstrustco.com/investments/managing-preserving-wealth/

A recent study suggested the average American checks their phone 80 times a day, with 31% of people feeling regular anxiety and 60% feeling occasional anxiety when separated from their smart phone. With the recent historic point gains and losses in the stock market last month, one might be tempted to check their portfolio 80 times a day too.

This may not be healthy for you, or for the portfolio, as it can lead to emotional investing, rather than addressing your tolerance for risk through professional asset allocation and an investment strategy to suit your needs. If the current market volatility is stressing you out, let us know so we can elaborate on our approach.

 

TIP 3 Travel Trusts
https://gstrustco.com/solutions-services/trustee-services/

As the holidays wind down, many of us are already starting to look back with fondness to family traveling long distances to see and bond with one another. Some of the time, everyone gathers around a member of the family such as a parent or grandparent, and it is difficult to justify the travel expense otherwise. Some of the time, the expense of travel and ability to join the celebration limits some family members from participating, and a parent or grandparent helps subsidize that cost.

Did you know that it’s possible to ensure that the travel expenses for the celebration will not be a barrier by utilizing a trust? Click here to learn more.

 

TIP 4 Trust Industry Numbers
https://gstrustco.com/about/why-garden-state-trust/

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.