Key Questions Advisors Should Be Asking (and Why They Matter)

The financial advisory industry is entering one of the most significant periods of wealth transfer in modern history. Over the next two decades, an estimated $84 trillion to $124 trillion will move from older generations to their heirs.

Much of that wealth will pass through trust structures, not simple inheritances.

Which raises an important question for advisors:

Do you know whether your clients already have trusts and where those trusts are held?

Below are some of the most common questions advisors are asking as they navigate this shift.

Why don’t advisors always know if their clients have trusts?

It is more common than many advisors expect.

Trusts are often established years before the advisor relationship begins. They may have been created by estate planning attorneys, family offices, or other institutions. In many cases, the advisor was not part of that initial process.

There is also a practical reality: clients do not always think of trusts as part of their investment conversations. Some may not fully understand the structure, while others simply assume it is being handled elsewhere.

As a result, advisors may be working with only part of the client’s financial picture.

Who controls trust assets if the advisor is not involved?

Every trust has a trustee responsible for managing the assets and making fiduciary decisions.

Depending on the trust, that trustee may influence:

• Where assets are custodied
  
  
• Which investment managers are selected
  
  
• How distributions are structured
  
  
• How the trust aligns with long-term family goals
  
  

This means that important financial decisions may be happening outside the advisor’s visibility and without their input.

Why does it matter where trust assets are held?

Where assets are held directly impacts an advisor’s ability to stay involved.

If trust assets are custodied elsewhere, the advisor may have limited visibility into:

• Investment strategy
  
  
• Portfolio performance
  
  
• Asset allocation
  
  

Over time, this can lead to fragmentation where different parts of the client’s wealth are managed separately, without coordination.

It can also affect how the client (and their family) view the advisor’s role.

Do trusts usually indicate additional assets?

Often, yes.

Trust structures frequently involve:

• Multiple beneficiaries
  
  
• Multi-generational planning
  
  
• Additional investment accounts
  
  

Even the median trust in the U.S. holds a meaningful level of assets, and many hold significantly more.

For advisors, this means that a trust may represent not only a planning structure, but also a broader view into family wealth that is not currently under management.

What risks do advisors face if they don’t have visibility into trusts?

The primary risk is not the trust itself, but it is the lack of awareness.

Without visibility, advisors may:

• Be excluded from key financial decisions
  
  
• Miss opportunities to engage with family members
  
  
• Lose continuity during generational transitions
  
  
• Have assets managed outside their oversight

How does the Great Wealth Transfer impact this?

Research shows that many heirs choose a different advisor after inheriting wealth. Trusts often play a central role in how those decisions are made.

If an advisor is not involved in the trust structure, they may not be part of the conversations shaping the future of those assets.

Advisors who understand where trusts exist within their client base are better positioned to stay connected across generations.

How can advisors start identifying trust opportunities?

It often begins with a straightforward conversation.

Advisors can ask:

• Do you have any trusts in place that we have not discussed?
  
  
• Who is serving as trustee?
  
  
• Where are those assets currently held?
  
  
• How do those trusts fit into your overall plan?
  
  

These questions are simple, but they often lead to deeper discussions around family dynamics, legacy planning, and long-term wealth strategy.

Do advisors need to manage trusts themselves?

Not necessarily.

In many cases, the most effective approach is a collaborative model, where:

• The advisor focuses on investment management and client relationships
  
  
• A trustee handles fiduciary and administrative responsibilities
  
  

This allows each party to operate within their area of expertise.

How does Independent Trust Company (ITC) help advisors in this process?

ITC works with advisors to bring structure and clarity to trust relationships.

For advisors who may not know where trusts are held or how they are being administered, ITC can help:

• Identify and understand existing trust structures
  
  
• Coordinate with attorneys, clients, and other professionals involved
  
  
• Serve as trustee or co-trustee in an advisor-friendly framework
  
  
• Align fiduciary oversight with the advisor’s investment strategy
  
  

Importantly, ITC is built to support—not replace the advisor.

By handling trust administration and fiduciary responsibilities, ITC allows advisors to remain focused on managing assets and maintaining client relationships, while also staying connected to the broader financial structure.

Can ITC help if a trust is already held at another institution?

Yes.

In many cases, ITC works with advisors to evaluate existing trust arrangements and determine whether they are aligned with the client’s goals and the advisor’s role.

If appropriate, ITC can help transition the trust to a more coordinated and transparent structure, one that keeps the advisor involved while maintaining continuity for the client.