Hey guys, First time poster here. I am majoring in Trust and Wealth Management and was wondering if any of you work or deal with anyone in “trust.” I was drawn to this site because I was reseaching the CFA designation and wanted to know how important it to the industry. Also, if you could, Id love to get a perspective into the differences and roles trust officers play in comparison with other positions in the finance world. Thanks for your help.
We do not have mafia’s here.
^ Yeah, we have mafias, not mafia’s.
Sorry,it is Mafioso in plural. E.g “Sublimity and Part-time crook are part of the AF mafioso.”
First of all, let’s get the grammar right: Mafioso is singular. Mafiosi is plural. Those refer to individual members of a Mafia. If there is more than one Mafia, then you have Mafias. Secondly, you can major in Trust and Wealth Management now?
bchadwick Wrote: ------------------------------------------------------- > First of all, let’s get the grammar right: > Mafioso is singular. Mafiosi is plural. Those > refer to individual members of a Mafia. If there > is more than one Mafia, then you have Mafias. > > Secondly, you can major in Trust and Wealth > Management now? Sure, I got it all mixed up.
I work in WM and we have a trust department. Not much to trusts really. We act as administrator or corporate trustee and follow the written guidelines in the Trust Docs. However, we also require them to turn discretionary control over to us so we are managing their money and investing on their behalf. Our discretionary money management area holds about 15-20 CFAs and they are primarily in analyst roles. However, these guys are not “trust” guys, they are “fin. analysts”. They do not treat a Trust account any different than a non-trust investment account Our Trust RMs typically hold whatever that CTFA designation is along with the CFP. They help members with distributions from the trusts and also initial admin. It seems like a pretty cool gig. I hear about them going into houses and taking inventory sometimes and coming across cool items or embarassing photos.
I saw trustmafia and Trust and Wealth Management and thought: “finally some dude is coming with a profitable business idea”. Disappointed. Btw, I agree with bchadwick, how is that Trust and Wealth Management major possible? Non-US maybe?
Texas Tech lets you major in Financial Planning. This doesn’t surprise me.
In my firm, the CFAs handles the investment portfolio of the trust asset. The trust officer (usually holds CFTA) handles the relationship managing part of the trust (setting up, admisntration, distribution, or termination)
JOE2010 Wrote: ------------------------------------------------------- > bchadwick Wrote: > -------------------------------------------------- > ----- > > First of all, let’s get the grammar right: > > Mafioso is singular. Mafiosi is plural. Those > > refer to individual members of a Mafia. If > there > > is more than one Mafia, then you have Mafias. > > > > Secondly, you can major in Trust and Wealth > > Management now? > > > Sure, I got it all mixed up. JOE2010 got PWNED by bchadwick and his lips.
and his lips…lol…where is that video???
Thanks for the quick responses. But, yes, you can major in trust in the US. There is only one undergrad program in the nation though. What SkipE99 said about checking out houses and coming across some cool things I have also heard from talking to a few guys. Anyway, I think what I wanted was answered. If I stick with the trust aspect the CFA is not really necessary;however, if i wanted to do something else more on the analyst side a CFA would be benefitial. The reason I choose trust as a major was because of the internship opportunities. They take typically 40 interns from my school a year so I am practically guaranteed two paid internships with bofa which to me seems outstanding. Those internships in correlation to my good grades will lead to permanent hires so breaking into the industry by my estimation seems pretty easy (compared to a lot of guys coming out of school with generic degrees and no or weak internships). Trust may not make quite as much money as some of the other guys but it seems like it is a more enjoyable job than most…but I could very well be wrong. Anyway, I’d really appreciated feedback on my plan. Is it not as good as a feel it is? What could be improved? etc…
Trust Administration can be interesting sometimes and boring sometimes. You basically follow what the Trust documents dictate and if the Grantor is alive, there’s a little more flexibility in what can be done with their money. When the Grantor dies, you spend time doing inventory of everything (including tangible stuff) they own, getting date of death market values, contacting attorneys and beneficiaries and filling out tons of paperwork (especially if they had a bunch of annuities). Administering Irrevocable Trusts can be challenging when you have beneficiaries requesting money for things that the Trust Document won’t allow them to have. It’s even more fun telling a wife that the deceased husband is leaving a chunk of money to a mistress! If you are a great people person and don’t mind paperwork, Trust Admin. is a great career.
Horse Girl Wrote: ------------------------------------------------------- > It’s even more fun telling > a wife that the deceased husband is leaving a > chunk of money to a mistress! We get that kind of story almost very week at lunch room.
plan sounds good to me. your lucky to get any job these days
trustmafia Wrote: ------------------------------------------------------- > Thanks for the quick responses. But, yes, you can > major in trust in the US. There is only one > undergrad program in the nation though. What > SkipE99 said about checking out houses and coming > across some cool things I have also heard from > talking to a few guys. > > Anyway, I think what I wanted was answered. If I > stick with the trust aspect the CFA is not really > necessary;however, if i wanted to do something > else more on the analyst side a CFA would be > benefitial. > > The reason I choose trust as a major was because > of the internship opportunities. They take > typically 40 interns from my school a year so I am > practically guaranteed two paid internships with > bofa which to me seems outstanding. Those > internships in correlation to my good grades will > lead to permanent hires so breaking into the > industry by my estimation seems pretty easy > (compared to a lot of guys coming out of school > with generic degrees and no or weak internships). > > i know what school you are referrring to… when I worked at BofA I had an intern in my office who was from your program… got a decent offer upon completion.