Reposition your trust service
Profitably positioning a firms trust service in the market can be difficult. Part of the challenge appears to be managing client resistance with fees.
To me that’s a symptom rather than a problem.
As I see it, the problem is often historical and results from trustee services and associated fees, being bundled with other advisory services. In many cases, fees have never been charged for trust work.
If clients don’t see value in having a professional trustee at the table, fees are more likely to be viewed as an unnecessary cost.
So how do professional trustees turn things around? How do they stay relevant?
The first step is to know what you stand for and that’s all about positioning.
Positioning involves:
Seeing trust services as a separate business line from other services
Defining your ideal trust client
Defining operational policies
Operating to a defined standard of good practice
In other words, it’s about knowing the game you’ll play, who with and by what rules.
If you know what you stand for, it’s much easier to communicate the value you bring to the table.
When the value’s there, clients are more willing to pay a professional fee for a professional job.
As good practice, professional trustees should take time out to review and develop their positioning of their trust service.
It needs to be done before starting any process to reengage and reset expectations with clients.
When your positioning is clear, you’ll be more likely to do work you love, with people you like and be well rewarded for the responsibility you take on.
Don't be afraid to ask for help if you need it.
It starts with a decision.
Trust good practice.
Lindsay