Published February 25, 2016
Professional trustees tell me one of their biggest challenges is resetting the terms of engagement and bringing wayward co-trustees into line.
If you know things haven’t been run as well as they could have been in the past, it can be hard taking the first step to reset expectations and put things on a proper commercial footing.
Historically, a lack of transparency around professional trustee fees hasn’t helped clients appreciate the value provided. For example, where trustee fees have been bundled with other advisory services, or not charged for.
If professional trustees want to reduce risk and unlock value in their trust services, it starts with knowing the value they bring to the table in the role.
It’s hard to build commercial value from the back seat. Professional trustees need to be in the front seat steering their co-trustees in the right direction.
So, if a trustee wants to turn things around, where’s the best place to start?
Here’s three strategies that work when you need to reset the terms of engagement:
Often professional trustee confidence and fitness only comes with time and experience in the role. Smart trustees can get leverage and fast track the process with good support, processes and tools.
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