Institutional trustee that permits self directed investments?

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nyc212
Posts: 13
Joined: Mon Oct 22, 2018 12:06 pm

Institutional trustee that permits self directed investments?

Post by nyc212 » Thu Jan 09, 2020 12:50 pm

My father passed last month and his trusts are being split into separate trusts for me and my siblings. My brother, who is trustee, intends to resign as trustee of each of our trusts. Dad's trust permits the beneficiary (me) to manage the investment of my trust funds but requires the trustee be an institution with > $100 million under management. I want to minimize trust fees.

Does anyone have an institution to recommend that is > $100 M in assets and permits the beneficiary to manage the investments?
- Fidelity does not permit self direct investments.
- Waiting to hear back from Schwab.
- Left a message for Vanguard, but they appear to have no offices.

Thanks.

markfaix
Posts: 235
Joined: Sun Jul 06, 2008 5:47 pm

Re: Institutional trustee that permits self directed investments?

Post by markfaix » Sun Jan 12, 2020 7:43 pm

nyc212 wrote:
Thu Jan 09, 2020 12:50 pm
My father passed last month and his trusts are being split into separate trusts for me and my siblings. My brother, who is trustee, intends to resign as trustee of each of our trusts. Dad's trust permits the beneficiary (me) to manage the investment of my trust funds but requires the trustee be an institution with > $100 million under management. I want to minimize trust fees.

Does anyone have an institution to recommend that is > $100 M in assets and permits the beneficiary to manage the investments?
- Fidelity does not permit self direct investments.
- Waiting to hear back from Schwab.
- Left a message for Vanguard, but they appear to have no offices.

Thanks.
Bumping this to see if anyone had ideas. I thought perhaps you could use Fidelity or Schwab trust services, and use a cheap, flat fee advisor such as Cardiff Park or FPL who will allow self-directed investments.

Topic Author
nyc212
Posts: 13
Joined: Mon Oct 22, 2018 12:06 pm

Re: Institutional trustee that permits self directed investments?

Post by nyc212 » Sun Jan 12, 2020 8:14 pm

Thanks. Both FIDELITY and VANGUARD only offer bundled Administration plus Investment services. Waiting to hear back from Schwab. I glanced at Cardiff Park, by I don't really need investment services. I am self managing based upon advice from seekingalpha.com lol.

Could not find any reference to "FPL" other than Florida Power & Light?

Thanks!

markfaix
Posts: 235
Joined: Sun Jul 06, 2008 5:47 pm

Re: Institutional trustee that permits self directed investments?

Post by markfaix » Tue Jan 14, 2020 6:33 am

nyc212 wrote:
Sun Jan 12, 2020 8:14 pm
Thanks. Both FIDELITY and VANGUARD only offer bundled Administration plus Investment services. Waiting to hear back from Schwab. I glanced at Cardiff Park, by I don't really need investment services. I am self managing based upon advice from seekingalpha.com lol.

Could not find any reference to "FPL" other than Florida Power & Light?

Thanks!
FPL Capital is an investment advisor that provides low cost access fixed fee access to institutional funds like those from DFA. Although you don't need the advice, for a relatively low fee, they may help achieve your goal at a lower cost than an AUM manager.

bsteiner
Posts: 4528
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Institutional trustee that permits self directed investments?

Post by bsteiner » Tue Jan 14, 2020 7:37 am

Was there a drafting error? There are some trust companies that don’t manage money that you could use. But since they don’t manage money they wouldn’t satisfy the $100 million assets under management requirement.

The lawyer handling your father’s estate should be able to solve this.

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