Trust Resource Company

. . . providing existing and potential wealth management / trust department service providers with unbiased assistance

Frequently Asked Questions

The following addresses questions you may have relative to the services offered by Trust Resource Company. It supplements other information available, may be of assistance to you in considering our services, and answers the following frequently asked questions:

What are the basic services TRC provides?
How would an institution benefit from TRC Services – whether currently offering these services or not?
What experience does TRC have in the wealth management field?
Does TRC manage fiduciary services on an on-going basis?
Why Should We Consider Wealth Management / Trust and Asset Management Services?
Would services be customized to our institution?
Does TRC work with a variety of financial services providers?
How long does it take for TRC to conduct typical feasibility study, implementation engagement, and review/strategic planning engagements?
Will a TRC representative be on site during the engagement?
Can we proceed to an implementation engagement without having a prior TRC feasibility study conducted?
Does TRC make specific recommendations following a feasibility study engagement?
How comprehensive are the financial projections contained in a feasibility study?
Does TRC strictly provide consulting services?
The potential for trust and asset management services is a step in a new direction for our institution and we have no in-house expertise. Will we be able to readily understand the output of a Trust Resource Company engagement?
How inclusive are TRC’s implementation planning services?
How do you work with our personnel?
What time commitment must we make should we proceed with a TRC engagement?
Will a TRC representative meet with our Board of Directors/Trustees and Management?
How specific are TRC recommendations to our local markets and existing competition?
How does TRC gather information needed about our institution to conduct a thorough engagement that is specific to our situation?
The wealth management field is new to our institution. Would a TRC feasibility study acclimate us to the national, state and local industries?
Would a feasibility study let us know what would be required for our institution to be successful in this field?
Does TRC locate personnel if we decide to proceed?
Will TRC visit with us as we consider an engagement?
What are the fee arrangements for TRC services?
May we speak with references?

1.) What are the Basic Services Provided by TRC?

TRC provides unbiased trust and asset management (wealth management) feasibility study and implementation planning services to financial institutions of all sizes which are located throughout the United States. Services include detailed demographic and competitive analyses, financial projections, recommendations, submission of written reports and Executive Summaries, delivery of hands-on tools, on-site presentations, and ongoing consulting services.

TRC also serves the needs of those institutions already offering these services. Select portions of feasibility and implementation engagements, along with review and ongoing consulting services, are included in Services Review / Strategic Planning engagements, which are designed to meet the unique needs of these institutions.

Our Feasibility Studies deliver all information needed for your Board and management to make a fully-informed decision relative to potential entry into this field, based upon your institution’s unique needs and characteristics, industry trends and standards, the demographic make-up of the markets you serve, analysis of bank competition in your market, and realistic financial and growth projections. Your customized report will be submitted in triplicate (including Executive Summaries) and a subsequent on-site presentation will allow you to ask detailed questions as we present our findings and specific recommendations. We then remain available for further consultation as you consider the potential of entering the wealth management field, or enhance existing services.

Implementation Services provide you with a comprehensive set of practical hands-on tools as you and TRC address the details of potentially implementing these services and planning for their ongoing administration. Our independent services provide you with assurance that your new services are being positioned for quality and profitability and that all aspects of implementing your new services have been thoroughly addressed, or your existing services are meaningfully enhanced.

Following submission of our written implementation engagement report (in triplicate), a TRC representative will visit with you to present recommendations contained within that report and address your questions. Similar to the feasibility study, TRC will remain available for remote consultation for a definitive period of time.

As noted in the immediately subsequent question #2, these services can provide valuable assistance not only to those contemplating the wealth management arena, but also to those currently providing these services.

2.) How Would an Institution Benefit from TRC Services – Whether Currently Offering these Services or Not?

Institutions considering the potential role wealth management services might play in their organization will benefit from the wide array of detail provided, as presented below. Those institutions currently offering these services may similarly benefit as they address their current service offerings, mode of operation, and look to efficiencies and increased profitability in the future.

Some of the select topics addressed in our services include:

Feasibility Studies

Demographic Analysis – identification of the most attractive zip codes for the marketing of wealth management services for the purpose of assessing the need for these services in your marketplace and maximizing marketing efforts. In addition to information submitted, which is specific to your marketplace, an extensive database covering every zip code in the U.S. is also included, should you wish to perform additional analyses.

Competitive Analysis – identification of all potential bank competitors with reportable trust assets, presented for the purpose of gathering a great deal of information relative to each competitor identified. While information is presented relative to all competitors, competitive information is also further screened to assure that when used for comparative purposes our analysis presents a true picture of the results of institutions similar in size to your institution. Similar to the demographic analysis, a very detailed database is included for all such U.S. trust services providers, in the event you wish to perform additional analyses.

Financial Analysis – following completion of the demographic and competitive analyses, Trust Resource Company utilizes those results, input we have received from your institution via a questionnaire, national industry statistics, and a series of variable assumptions to arrive at realistic financial projections.

Written Report and Executive Summary – following completion of the demographic, competitive and financial analyses, a written report (including an Executive Summary) is submitted to your institution in triplicate. It contains much detail and a recommendation as to Trust Resource Company’s unbiased opinion relative to wealth management services at your institution.

On-Site Presentation – an on-site presentation of the feasibility study follows submission of the written report. A Trust Resource Company representative is available to make this presentation to the audience of your choice (e.g., management team, Board, or select individuals).

Availability – as your institution then considers the appropriateness of introducing these services, we remain available to address any further questions you might have.

“Design For Success” - a PowerPoint program is included which reflects those elements TRC has found important in assuring quality and profitable services. It is also included as part of our on-site presentation

TRC industry White Papers – TRC White Papers, included in our reports, are frequently of assistance to both those contemplating these services and those already providing these services.

“Introduction to the Trust Industry” PowerPoint presentation
- a separate PowerPoint presentation is included with our written report which provides helpful introductory insight into the wealth management industry.

Manipulation of Databases – the demographic and competitive databases included in the feasibility study report are very extensive. Should the user which to manipulate those databases to an even further extent, a CD-ROM containing those databases is included at the time of mailing the written feasibility study report. This allows sorting as might be appropriate to the user’s further interested (e.g., make comparisons to user-defined zip codes, states, the nation, etc.). They are all presented in Excel format.

Implementation Programs

If a feasibility study has been conducted by Trust Resource Company, your institution will benefit from all of the above, plus the following implementation services:

-	mission statement
-	drafts of Trust Powers Applications
-	narration re fee schedule construction
-	draft of in-house investment management agreement
-	draft of in-house custodial agreement
-	suggested internal referral program
-	recommendations relative to operating systems, asset custodian, tax services, and investment management (or outsourcing thereof)
-	draft of a suggested marketing plan for first year
-	suggested series of periodic reports and numerous forms
-	agenda items and information flow
-	trust manager, operations manager, and new business development officer position descriptions
-	assistance, as requested, relative to choosing an appropriate trust manager
-	trust manger compensation program
-	recommendations regarding department structure and detailed responsibilities
-	extensive set of Wealth Management Policies and forms
-	and many other topics of importance relative to the initiation and ongoing administration of these services at your institution

Review of Existing / Strategic Planning Engagements

Existing service providers may take advantage of all, or select, portions of feasibility and/or implementation engagement services (as presented above), as well as ongoing consulting services. TRC’s experience with wealth management services can be of significant assistance as current services and practices are examined, and strategies for the future are addressed.

3.) What Experience Does TRC Have in the Wealth Management Field?

TRC works with financial institutions of all sizes located throughout the country. The President, Jim Phillips, has had over forty years of direct experience in the wealth management field in both community bank and state-wide institutions, including senior responsibility for the successful introduction of these services. He is the author of well-known White Papers on various facets of the industry.

He left his most recent position on a voluntary basis in 1991 to found TRC. To date, dozens of engagements have been conducted. TRC is extremely pleased with the reception its services received, crediting success to its experienced, unbiased approach to the niche market it serves, outstanding personalized service, and delivery of not only consulting services, but practical hands-on tools for institutions to use in reviewing existing, and evaluating and potentially introducing new, wealth management services.

4.) Does TRC Manage Fiduciary Services on an On-Going Basis?

TRC is not involved in the on-going administration or management of wealth management services. This function is performed by the personnel you hire. However, TRC does work closely with these individuals, who are pleased to find a comprehensive program has been established via a TRC engagement, with accompanying consulting services available. Our services include assisting you in properly staffing your new department, on-going consultation, and the delivery of specific programs and policies relative to administration and management of your services.

5.) Why Should We Consider Wealth Management / Trust and Asset Management Services?

Our purpose is not to sell you trust and asset management (wealth management) services; rather, we assist you by providing you with our unbiased findings, financial analyses, projections and specific recommendations - providing you with all information needed to make a fully-informed decision. If the results of our study indicate to us that it appears these services are not appropriate for your institution, we will so state.

There have been many changes in the wealth management field recently, making these services potentially more profitable and attractive to financial institutions of all sizes. As your institution considers alternative routes to increase profits and satisfy the needs of your client base, we feel that wealth management services should be included among the potential alternative services you examine.

6.) Would Services be Customized to Our Institution?

TRC engagements are unique to each institution served. They reflect your needs and objectives, the markets you serve, the competition you face, and the specific makeup of your institution. In addition, should the final recommendation be that you proceed with the introduction of these services, you are provided with detail which, we have learned over the years, will be required for successful introduction and ongoing administration of these services. This is included in our “Design For Success” PowerPoint presentation, which is included in all engagements.

7.) Does TRC Work with a Variety of Financial Services Providers?

Many types of financial institutions utilize the services of TRC. These institutions are both state and federally chartered and located throughout the United States.

Services have been provided, and are attractive to, a wide array of clients - from local community banks to much large institutions with many billions of dollars in assets conducting business in several states. Trust Resource Company’s services are attractive to these institutions whether or not they currently provide wealth management services.

8.) How Long Does it Take for TRC to Conduct Typical Feasibility Study, Implementation Engagement, and Review/Strategic Planning Engagements?

The written portion of the engagement is typically concluded within a period of four to six weeks, upon which a detailed report (original and two copies) is mailed to your institution. Following your receipt of our report a mutually convenient time is established for our on-site presentation of findings and recommendations.

The time estimate for a complete implementation program can vary, as these services are at times more customized to the specific needs of the institution. If all services offered by TRC are utilized, the time needed to construct the written implementation report is also approximately four to six weeks. This time estimate is partially dependent upon whether or not we have conducted a prior feasibility study.

Fees associated with the review of existing services and strategic planning are considerably more difficult to estimate, as these services are very uniquely designed to the needs of our client. If a proposal for these services is requested, it will contain an estimate relative to the time it will take to complete and deliver the completed report.

9.) Will a TRC Representative be On Site During the Feasibility Study Engagement?

Our standard feasibility study is partially based upon answers you provide us in our client questionnaire. Due to the detail you provide therein, it is not normally necessary for us to be on-site during preparation of a feasibility study. However, following submission of our feasibility study report and accompanying recommendations, we visit with you at your location for the purpose of presenting our findings and recommendations. We make ourselves available for a full day, making presentations as requested - to your Board of Directors/Trustees, senior management, and holding discussions as you feel most appropriate.

10.) Can we Proceed to an Implementation Engagement Without Having a Prior TRC Feasibility Study Conducted?

Yes. At times institutions have conducted their own feasibility study, have determined they wish to offer wealth management services and wish to take advantage of our implementation services. We are pleased to fill this need and work with these institutions in establishing their services, according to their needs.

11.) Does TRC Make Specific Recommendations Following a Feasibility Study Engagement?

Your feasibility study engagement will conclude with our unbiased recommendations as to whether or not we feel it would be appropriate for you to offer these services. (Our implementation services will provide your institution with specific routes to take relative to establishing these services.) If appropriate, we will make specific recommendations relative to product offerings and recommendations relative to the most appropriate method for you to administer these services on an on-going basis. In addition, specific requirements for success at your institution will be addressed. Detailed recommendations relative to specific investment management, backroom services, accounting services, and various third-party resources we suggest you utilize, are reserved for the implementation program.

12.) How Comprehensive are the Financial Projections Contained in a Feasibility Study?

Your feasibility study will contain realistic projections relative to revenues, expenses, net income and market value growth of your potential new services. The study and resultant presentation will detail the numerous variable assumptions utilized and the basis upon which each assumption was made. Upon request, we will vary any assumption and produce alternative projections, should you wish to view financial projections from various perspectives.

All projections are designed to provide you with the information needed to construct a realistic and appropriate budget should you decide to proceed with the introduction of these services.

13.) Does TRC Strictly Provide Consulting Services?

While select portions of our engagements are partially consultative in nature, all services utilize and provide you with, many tried-and-tested tools to use in establishing, reviewing, and administering your services. Ongoing consulting services also accompany our programs for a pre-determined period of time, according to the specifics of our contract with your institution.

14.) The Potential for Trust and Asset Management Services is a Step in a New Direction for our Institution and we have no In-House Expertise. Will we be able to Readily Understand the Output of a Trust Resource Company Engagement?

We recognize that wealth management services may potentially be a step in a new direction for your institution and that you may not have staff at hand in your institution that has in-depth familiarity with these services. This is the most typical situation and our reports, and on-site presentations, are designed to give you a basic understanding of the industry and provide you with input that is readily understood and interpreted. And, we remain available for consultation as ongoing questions arise relative to the detail contained in each engagement report.

15.) How Inclusive are TRC’s Implementation Services?

Our implementation planning services are designed to assure you that every aspect of initiating wealth management services in your institution are considered and thoroughly addressed. We provide our clients with a comprehensive basis upon which their new services may be founded, including assistance with filing trust powers applications, providing such items as customized policies, positions descriptions, marketing plans, incentive reward programs, management structure and responsibility delineation suggestions, and recommendations relative to handling the operational, investment, custodial, and tax aspects of their new services. This partial list is supplemented by assistance in considering appropriate wealth management manager candidates and on-going consultation. It is a very comprehensive combination of services, designed to provide your institution with the required elements to assure success, whether or not these services are new to your institution.

16.) How Do You Work With Our Personnel?

During the feasibility study we will keep the TRC liaisons authorized in the engagement agreement fully informed as to the status of the engagement via periodic update reports. With your thorough completion of our client questionnaire we should have little reason to interrupt you with additional questions during the engagement period. We are, of course, always available if specific questions arise or if you wish to submit additional information which you feel appropriate to the study.

Throughout an implementation planning services engagement we will also keep the assigned TRC liaisons updated as we address the specifics of the engagement. At times, select trust personnel are brought onboard during the implementation engagement. We work sensitively and effectively with those individuals, encouraging their participation and input throughout the engagement. We provide a sounding board for their thoughts and assure you that the development of your new services is thorough, reflects the talent of your new staff, and is properly positioned for quality and profitability. To date, the majority of our clients have hired wealth management personnel following the conclusion of our implementation planning engagement, knowing that our consulting services would be available to personnel upon hire. These on-going consulting services are available to both your bank management and wealth management personnel.

Our years of experience have shown that candidates for the position of wealth management manager greatly welcome our assistance. Utilizing our services also makes the process of locating a qualified senior officer candidate easier in that it eliminates the necessity of finding a candidate who has previous experience in commencing these services on a de novo basis.

17.) What Time Commitment Must We Make Should We Proceed With a TRC Engagement?

Once the feasibility study is underway and the TRC client questionnaire has been submitted, there is no need to budget additional time during the feasibility study engagement.

During implementation planning and services review / strategic planning engagements, TRC will prompt you for answers to specific questions, providing suggested courses of action for your consideration. You will be assured that the development (or continued enhancement) of your services is being monitored by TRC’s experience and developed to meet your unique objectives.

18.) Will a TRC Representative Meet With Our Board of Directors/Trustees and Management?

Following submission of our engagement reports, we will come on-site to present our findings and unbiased recommendations. During these visits we would be pleased to make formal presentation(s) to your Board of Directors / Trustees and other committees, as well as hold more informal discussions, as might be appropriate. This visit is for your benefit and we want it to be appropriate to the manner in which you typically evaluate and decide upon the implementation, or enhancement, of service offerings.

19.) How Specific are TRC Recommendations to Our Local Markets and Existing Competition?

Your feasibility study will contain a detailed section relative to the demographics of the markets you serve, detail relative to your local bank competition, and complete financial projections.

The feasibility study will answer the following questions for you:

	Is there a need for these services in our marketplace?
	Who is presently serving that need and what are the details of the reportable services they provide?
	Is there room for another service provider?
	Will we able to meet our financial and non-financial objectives in offering (or continued offering of) these services?

The answers to these and other questions will be unique to your situation, the markets you serve, the local industry and current competition.

20.) How Does TRC Gather Information Needed About Our Institution to Conduct a ThoroughFeasibility Study Engagement that is Specific to our Situation?

Prior to the commencement of a feasibility study, you will be asked to complete a client questionnaire. It provides us with all information needed to conduct your study and is frequently supplemented via the submission of other materials.

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21.) The Wealth Management Field is New to Our Institution. Would a TRC Feasibility Study Acclimate Us to the National, State and Local Industries?

Your study will contain a good deal of information relative to the national industry, your state industry, and your local industry. It will serve to introduce you to the wealth management field, as well as provide you with the basis upon which many of the findings and projections contained in your report are based.

22.) Would a Feasibility Study Let Us Know What Would be Required for Our Institution to be Successful in this Field?

Should your feasibility study prove positive and it is recommended you proceed with the introduction (or enhancement) of these services, your report will include what we feel are important requirements for success at your institution. This input will aid you in making a final decision relative to these services.

As a bonus, a separate “Design For Success” PowerPoint presentation that that user, and potentially the senior manager of these new services, might utilize in introducing the services to your institution’s personnel, is included with the submission of our engagement reports.

23.) Does TRC Locate Personnel if We Decide To Proceed?

We specifically do not act as a recruitment agency but are pleased to assist you in determining qualities you should seek when hiring staff and recommend recruitment agencies (should you find that necessary) that are experienced in the trust and asset management field. This forms a portion of our implementation services. In addition, if we should be aware of available talent we would be pleased to submit any such names for your consideration. We frequently review resumes and conduct both telephone and on-site interviews during implementation planning engagements.

24.) Will TRC Visit With Us as We Consider an Engagement?

Recognizing that it is important for you to be comfortable with TRC (and have a thorough understanding of our services), we would be pleased to meet with you at your location to learn more about your institution and discuss our services in greater detail.

An on-site visit prior to a feasibility study is not a requirement; however, with some assurance you have a reasonable interest in our services we would be pleased to arrange a mutually convenient time to visit with you. We are available to make on-site presentations to appropriate groups on an informal discussion basis, or via a computer-interfaced projection program.

25.) What are the Fee Arrangements for TRC Services?

Our fees will vary to some degree dependent upon the particulars and requirements of your unique engagement needs. Upon request we would be pleased to submit no-obligation proposals for your consideration. The proposals will present our fees and, when appropriate, will include optionally-priced services.

When a feasibility study result is positive and the decision is made to proceed with the introduction of these services, experience has proven that the fees associated with TRC’s programs are more than covered via the combination of a hastened flow of revenues and reduction in the time period during which non-revenue producing overhead is incurred.

Our programs fees are designed (a) to provide you with a meaningful yet economical way to evaluate any potential benefits you might derive from the introduction, or enhancement, of wealth management services and (b) to provide you with an expedient, thorough, cost effective method of potentially offering (or reviewing existing) wealth management services.

26.) May We Speak with References?

TRC is very pleased with its list of satisfied clients who would be pleased to speak with you concerning our services. A list of these references will be provided upon request. Call us or click on the “Request Information” button above to request a list of references.

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