Wealthspire Advisors Launches Wealthspire Trust in Tennessee
Wealthspire Advisors, a leading advisory firm with headquarters in New York City and locations in Melville, has recently announced the launch of Wealthspire Trust, a personal trust administration service chartered in Tennessee. With assets totaling $25.9 billion, Wealthspire Advisors, owned by global insurance brokerage NFP, is setting itself apart by offering trust services in a state known for its favorable trust laws.
According to Wealthspire Trust’s president, Jonathan Connolly, the decision to establish the trust company in Tennessee was strategic. The state’s trust company regulations support a variety of trust structures, including perpetual trusts, directed trusts, asset protection trusts, and community property trusts. Additionally, Tennessee allows for flexible administration techniques such as uni-trust provisions and non-judicial settlement agreements.
“We are committed to expanding our family office services and meeting the complex needs of our multigenerational families,” said Mike LaMena, CEO of Wealthspire Advisors. With a team of experienced professionals, including Connolly who brings expertise from previous leadership roles at UBS AG, Comerica Bank and Trust, and RBC Wealth Management, Wealthspire Trust aims to provide a highly responsive trustee experience with real-time access to information for clients.
Heather Flanagan, chair of the Wealthspire Trust board, emphasized the importance of selecting Tennessee as the location for the trust company. “In support of our advisory teams and clients, we have cultivated a team of Wealth Strategy professionals who specialize in estate planning, wealth transfer, and taxation,” Flanagan said. “The combination of this expertise, together with Wealthspire Trust’s talented team, innovative technology, and Tennessee charter, uniquely positions us in a competitive industry.”
With the launch of Wealthspire Trust, Wealthspire Advisors is demonstrating its commitment to providing comprehensive wealth management services tailored to the evolving needs of high-net-worth families. The firm’s focus on client-centric service and expertise in trust administration make it a valuable resource for those seeking personalized and efficient wealth management solutions.