Envestnet Trust Services Exchange Adds Peak Trust Company, Rounding Out Access to Innovative Partners in Top-Tier Trust Planning Jurisdictions

Rhea-AI Summary

On July 29, 2021, Envestnet (NYSE: ENV) announced the addition of Peak Trust Company to its Trust Services Exchange, enhancing its offerings for broker-dealers and Registered Investment Advisers (RIAs). Peak specializes in trust management under Alaska and Nevada law, catering to over 1,500 estate planners and managing trusts totaling more than $8 billion in assets. The partnership aims to simplify estate planning for advisors and their clients, particularly as $68 trillion is set to transfer between generations, facilitating improved advisor-client relationships.

Positive

• Peak Trust Company enhances Envestnet's Trust Services Exchange, offering specialized trust management under favorable legal jurisdictions.
• The partnership allows advisors to access a wider range of estate planning tools and solutions for their clients.
• Peak serves over 2,500 families nationwide, showcasing its large client base and experience in trust administration.

Negative

• None.

CHICAGO, July 29, 2021 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV) announces that Peak Trust Company (Peak), an advisor-focused firm offering customized trust administration for individuals and families, has joined the Envestnet Trust Services Exchange powered by Trucendent as a trustee partner for broker-dealers and Registered Investment Advisers (RIAs). Peak works with more than 1,500 estate planners across the country and specializes in the management of trusts pursuant to law in Alaska or Nevada. These states are considered top-tier trust jurisdictions because they have no state income tax and allow for self-settled and perpetual trusts.

"Peak Trust Company has embraced innovation to simplify and unify the estate planning process—and put more power into the hands of advisors for effective conversations with clients and their families," said John Yackel, Co-Founder and CEO of Trucendent. "Every individual and family should consider an estate plan—but the question is, do you want your most important decisions to be controlled by the state in which you reside, or by your estate plan? Advisors can now provide all of their clients, not just the high-net-worth, with jurisdiction of choice during the estate planning process. I am proud to join Trucendent in order to continue expanding the Envestnet financial wellness ecosystem in this way."

"Peak Trust Company is committed to helping advisers manage and retain control of client assets with the use of trusts. We focus on helping advisors transfer wealth more effectively and to provide income planning for the families they serve," said Matthew Blattmachr, CFP, CFIRS, President and CEO of Peak Trust Company. "As we continue to administer trusts for families around the country, the Envestnet Trust Services Exchange gives us the opportunity to team with all disciplines of estate planners on crafting a broad spectrum of trusts—in the most favorable way for clients—in all 50 states."

Founded in 1997 and based in Anchorage, Alaska, Peak provides financial advisors with direct access to the quality trustee services they need to manage and retain control of clients' assets, while building relationships with their client's heirs. Peak's unbundled service offering allows advisors to select only the services and solutions they need, and its streamlined workflows make it possible to open a trust account in as little as three days. Peak serves as trustee for trusts totaling over $8 billion in assets and serves over 2,500 families residing in all 50 states as well as foreign countries. For more information, please visit https://www.peaktrust.com/services/.

Clients do not have to live in a trust jurisdiction, top-tier or otherwise, in order to establish a trust in that state.  Prior to the addition of Peak, the Trucendent-powered Envestnet Trust Services Exchange recently welcomed Sterling Trustees—which specializes in the administration of trusts established in South Dakota, another top-tier trust jurisdiction—as a trust partner. BOK Financial Advisor Trust Services, a nationally chartered, advisor-friendly trust company which is part of BOK Financial, joined the Exchange earlier this year.

"At a time when $68 trillion is expected to be passed from parents to children over the next 25 years, industry research finds that only 13 percent of affluent investors choose to engage the advisor their parents used," said Andrew Stavaridis Group Head, Solutions Distribution at Envestnet. "Our Trust Services Exchange can help position advisors to retain heirs as clients during the looming and massive intergenerational transfer of wealth. Advisors can work with trust partners on the Exchange to connect with clients' family members and heirs in ways they never could before, through sophisticated estate planning tools."

About Envestnet

Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 106,000 advisors across more than 5,200 companies—including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage the Envestnet platform to grow their businesses and client relationships.

For more information, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.

About Trucendent

Trucendent provides a suite of estate planning and trust transfer solutions which are designed to help advisors connect with the next generation. The firm's offering enables a seamless wealth transfer process that incorporates crucial family insights. Trucendent has created a powerful network comprised of leading estate planning attorneys along with the industry's leading advisor-friendly corporate trustees for effectively servicing all types of trust accounts.

In addition to empowering advisors to leverage the unique characteristics of a trust account to achieve their clients' goals, Trucendent engages all parties involved in the wealth transfer process—advisors, attorneys, family members, and trustees—through a cohesive and collaborative platform that provides a unified and consistent experience. To learn more about Trucendent, please visit www.trucendent.com.

About Peak Trust Company
Peak Trust Company serves estate planners looking for a professional trustee, who want reliable and accessible expertise to help them with their client's complex trust plans. Peak offers the experience and sophistication to help you quickly and accurately establish trusts, backed by easy-to-use trust administration. Unlike traditional banks and trust companies, at Peak, your trust is our core business. This enables us to provide a highly customized delivery process tailored to your specific needs and an unbundled service structure, providing everything you need but only what you want.

Peak Trust Company, founded in 1997 in Anchorage, Alaska, serves as trustee of trusts nationwide, specializing in administration for trusts pursuant to Alaska or Nevada law. For more information, please visit www.peaktrust.com.

This release refers to information products or services that may be in development and not yet available. Accordingly, nothing in this release should be construed as a representation or legal agreement by Envestnet to make available specific products or services (including, without limitation, concepts, systems or techniques). Envestnet is not a law firm and as such, does not provide legal or regulatory advice or opinions to any party or client.

Trucendent, Peak and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

Media Contact:

Dana Taormina 
JConnelly for Envestnet & Trucendent
973.647.4626
envestnetpr@jconnelly.com

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SOURCE Envestnet, Inc.

FAQ

What is the recent partnership announced by Envestnet (ENV) regarding trust services?

Envestnet has partnered with Peak Trust Company to enhance its Trust Services Exchange, providing improved trust administration for advisors.

How does Peak Trust Company benefit financial advisors using Envestnet's platform?

Peak Trust Company offers advisors access to specialized trust administration services, helping them manage client assets more effectively.

What is the significance of the $68 trillion expected to transfer over the next 25 years?

This significant transfer of wealth emphasizes the importance of effective estate planning services, which Envestnet seeks to support through its Trust Services Exchange.

What assets does Peak Trust Company manage?

Peak Trust Company manages trusts totaling over $8 billion in assets.

Which states' laws does Peak Trust Company specialize in for trust management?

Peak Trust Company specializes in trust administration under the laws of Alaska and Nevada.