TIP 1 Independence Day
Our great nation’s founders declared that they would not accept governance without representation 243 years ago.
Good governance is about executing the trust placed in us as representatives of others, be it financial, political, familial, or otherwise. At Garden State trust company, we believe that a client’s financial representation needs to be held to the highest legal standard: the fiduciary standard. We would not accept anything less.
We wish our best to our veterans, armed forces, and law enforcement that continue to protect our freedom. Happy Independence Day!
TIP 2 Living Trusts – Incapacity Planning
Hope for the best, prepare for the worst – A cliché for a good reason.
An often-overlooked benefit of a living trust is continual financial management in the case of incapacity. If you get injured or sick, the trustee will be able to keep your financial affairs in order, based on the trust agreement you’ve created.
This is just one of the risks that trust services can help mitigate, and Garden State Trust Company’s professionals would be pleased to elaborate on other benefits too.
TIP 3 Sotheby’s Sold
In May, one of Monet’s Haystack paintings sold at Sotheby’s and set the record for how much an impressionist painting could sell for: $110.7 million. Perhaps the 44x increase in value since its last sale in 1986 was part of the motivation that led French-Israeli billionaire Patrick Drahi to purchase the auction house itself for $3.7 billion a little over a month later.
The main action house competitor, Christie’s, is owned by French billionaire François Pinault. Will this battle of the French billionaires to provide artwork auction services for the world’s millionaires lead to an even greater level of service and scrutiny for the artwork?
TIP 4 Fiduci-what?
In May, the Securities and Exchange Commission (SEC) removed the word “fiduciary” from the mandated language registered investment advisors (RIAs) use in their customer relationship summary, and replaced it with three explanatory sentences. They may still use the term if they like, but it will not be required.
Not all financial providers are held to the “fiduciary standard”, but companies that are should want to tout that fact to their customers, as it is the highest legal standard a financial services company can be held to.
Read our blogpost, Fiduci-what?, to learn more.