Wealthspire Launches Trust Company to Support Wealthy Clients

By John Manganaro

News July 12, 2024 at 03:55 PM

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Wealthspire Advisors, an independent RIA with nearly $26 billion in assets under management, is launching a new trust company based in Tennessee, dubbed Wealthspire Trust.

The development will help Wealthspire's advisors offer personal trust administration solutions, according to the announcement, powered by integrated technology and coupled with Tennessee's "favorable trust laws."

The firm has appointed Jonathan Connolly as president of Wealthspire Trust. Connolly previously held leadership roles at UBS AG, Comerica Bank and Trust, and RBC Wealth Management.

"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," Connolly said.

Tennessee's differentiated trust company regulations offer many attractive benefits for wealthy families, he said. These include the ability to use perpetual trusts, directed trusts, asset protection trusts and community property trusts — as well as flexible administration techniques such as implementing unitrust provisions or modifications through non-judicial settlement agreements.

The new organization will be supported by a team of wealth strategy professionals who specialize in estate planning, wealth transfer and taxation, according to Heather Flanagan, head of Wealthspire Advisors' family office services and chairwoman of the Wealthspire trust board.

Wealthspire Advisors currently has 23 offices across the United States and more than 110 advisors.

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