Outsourcing Trust Administration

Renaissance Trust is experienced at dealing with outsourced Trust administration and can offer a highly competitive service.

The issues faced by accountancy and legal practices – in relation to running a Trust department – are numerous:

• Escalating costs of providing the service
• Staff recruitment and retention can be problematic
• Increasing and changing regulation
• Trustee risk

Often the small number of Trust structures involved means that it is virtually impossible for an organisation to administer them efficiently and therefore profitably.

The advantages of outsourcing to an external specialist Trust company include:

• Cost efficiency
• Maintain control but use “experts” in their particular field
• Save recruitment and training costs
• Key staff can be deployed in higher revenue generating work
• Flexibility – the Trust company con provide all or just part of the process
• More opportunity to concentrate on core business
• Retain control of the client relationship (we can “white label”)
• Remove recurring requirement for expensive software
• Significantly reduced risk and PII cost