National $25.9B AUM RIA firm launches trust company in 'favorable' jurisdiction

A national registered investment advisor has launched its own trust company to further expand its service offering to clients.

Wealthspire Advisors LLC, a $25.9 billion AUM firm headquartered in New York, has opted to domicile Wealthspire Trust in Franklin, Tennessee due to the state’s favorable trust laws which supports, for example, perpetual trusts, directed trusts, asset protection trusts, community property trusts, and flexible administration techniques including implementing uni-trust provisions or modifications through non-judicial settlement agreements.

“The launch of our trust company further demonstrates our commitment to expanding our family office services, ensuring we best serve our multigenerational families’ complex needs,” said Mike LaMena, CEO of Wealthspire Advisors.

The trust operation will leverage fully integrated technology for its boutique personal trust administration experience.

“Establishing our Tennessee-based trust company with a fully integrated technology platform sets us apart at a time when high-net-worth families expect more from their wealth management firm,” said Jonathan Connolly, AIF, ATFA, president of Wealthspire Trust, “As we set out to build the trust company of the future, we know clients expect real-time access to their information and answers to their questions because multigenerational trusts are complex. To further enhance our client-centric service model, we are staffed to provide a highly responsive trustee experience with accessibility across our firm.”

Connolly has previously held leadership roles with UBS AG, Comerica Bank and Trust, and RBC Wealth Management.

Chair of the Wealthspire Trust board and head of Wealthspire Advisors’ Family Office Services is Heather Flanagan, who says the firm has cultivated a team of professionals experienced in estate planning, wealth transfer, and taxation.

“The combination of this expertise, together with Wealthspire Trust’s talented team, innovative technology, and Tennessee charter, uniquely positions us in a competitive industry,” she said.