2022 FOX Private Trust Company Fundamentals Workshop

The Private Trust Company (PTC) has endured the test of time as a robust structure for achieving the multi-generational goals of wealth preservation, stewardship and upholding flourishing families. This program is essential for families currently forming or considering a PTC and insightful to family members and qualified trustees hoping to better understand their PTC structure. This workshop brings together leading experts and PTC executives to share their experience and insight about the PTC’s special role in the family enterprise.

Attendees Will Learn

  • Why families form a PTC
  • The role of the PTC in supporting the family enterprise
  • What differentiates the structure from other trust and regulated structures
  • Which questions to ask when forming the entity 
  • The differences between a regulated and unregulated structure
  • The leading charter states and their varying characteristics
  • Best practices related to governance and operations 
  • Lessons learned from seasoned PTC executives and experts
     

Who Should Attend

This workshop is for families currently forming or considering forming a Private Trust Company as well as family members and qualified trustees who want to better understand their PTC structure.

 

Attendee Quotes

“The content, quality of speakers, and quality of peers is excellent."

“If you are thinking about setting up a Private Trust Company, I highly recommend that you attend this workshop first to make sure you understand what you are committing to.”

 

 

  • About
  • Agenda
  • Speakers
  • FAQs

REGISTRATION: The Private Trust Company Fundamentals Workshop is open to family members, PTC board members, and family office and PTC executives. FOX also allows qualified prospective members who are developing, operating, or considering a PTC. Advisors from multi-family offices and professional service firms may be qualified to attend. All registrations subject to approval by FOX.

REFUND POLICY: For event registrations, refunds of payments will be offered if the cancellation is made in writing to Family Office Exchange at events@familyoffice.com five (5) or more business days prior to the start of the event. For more information regarding administrative policies please contact FOX office at: 312.327.1200.

Field of Study: Specialized Knowledge - Up to 7 CPE credits can be earned by attending this event. CPE credits are accepted at the option of state certifying boards. Requirements, compliance procedures and acceptance may vary by state.

Program Level: Overview | No prerequisites are required for any of the sessions. | Delivery Method: Group Internet Based

Learning Objectives: Upon completion of this program, participants will be able to make informed decisions about developing a private trust company for a family enterprise. Program objectives include: Learn how to satisfy trustee requirements, how to choose the proper charter state for a PTC, how to govern the PTC with boards and directors, how to develop the PTC into an operating trust company and how to understand the approval, supervision and examination of PTCs.


Family Office Exchange is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

    Tuesday, February 15, 2022

    All times listed are in U.S. Central Time

       
    10:00 am Welcome to the Workshop
       
    10:30 am

    Introduction to the Private Trust Company

    As the family enterprise evolves over time, eventually, many families will consider the question of whether to form a private trust company (PTC). The PTC can be quite useful to many families, providing unique benefits and capabilities, but also comes with its own special concerns requiring careful consideration.

    Attendees will learn:

    • What a private trust company is and who might benefit from creating one
    • The various purposes, advantages and roles that a PTC can add to support the enterprise
    • Major considerations to keep in mind throughout the exploration and planning process

    CPE is not offered for this session.

       
    10:45 am

    The Private Trust Company: A Strategic Solution for the Family Enterprise

    The PTC represents a graceful evolution of the family enterprise by solidifying the role of the family in managing all of the family assets (more than just trust assets) and implementing the family’s strategic plan. This session will explore how the PTC supports the family in managing the wider enterprise and how it interacts with the family office in support of the broader family vision.

    Attendees will learn:

    • How the PTC plays a role in implementing the family’s strategic plan
    • About the evolution of the PTC over time, including adapting to the needs of the family
    • How the PTC contributes to elevating services and family governance

    1.0 CPE | Specialized Knowledge

       
    11:45 am Lunch Break
       
    12:45 pm 

    Being a Trustee: What Does It Really Mean and How Can a Private Trust Company Satisfy the Requirements?

    An industry expert will provide a candid assessment of the powers, responsibilities, duties and potential liabilities of being a trustee and how a PTC can effectively address them while also meeting a family’s needs and goals.

    Attendees will learn:

    • About the different trust structure types and various options
    • The circumstances for which each option may best suit a particular family
    • How a family-owned and controlled trust company is well-suited to effectively meet a  family’s needs and goals

    1.0 CPE | Specialized Knowledge

       
    1:45 pm

    Reflections and Questions

    Day 1 review and closing remarks

       
    2:00 pm Day 1 Adjourns
       

    Wednesday, February 16, 2022

    10:00 am Opening Remarks and Recap of Day 1
       
    10:15 am

    Choosing The Right PTC Charter State

    The first step after deciding to form a PTC is choosing the best home state for the family to help achieve its vision. This requires a balancing act that weights convenience, trust and trust-company laws, regulatory environment, quality of probate courts and trust bar, as well as the tax environment of the states under consideration.

    Attendees will learn:

    • Which states support PTCs
    • Important factors to consider when evaluating a particular state, such as:
        • Advantageous trust and tax laws
        • Positive public policy support
        • Geographic convenience

    1.0 CPE | Specialized Knowledge

       
    11:15 am AM Break
       
    11:30 am

    Governing the PTC: Owners and Directors

    Once a family has decided to develop a PTC and establish its role, it needs to consider how to structure and manage the entity.

    Attendees will learn:

    • How to identify a proper ownership structure
    • How to design the board composition
    • How to select officer positions
    • How to construct and implement committees

      1.0 CPE | Specialized Knowledge

         
      12:30 pm Lunch Break
         
      1:30 pm

      Transforming the PTC Idea into an Operating Trust Company

      Once the PTC has been legally formed, the critical step of bringing it to life within the family enterprise begins. This session provides a roadmap for considerations in establishing the PTC service structure and optimizing the role of the PTC in the larger family enterprise.

      Attendees will learn:

      • How to align the PTC within the family enterprise
      • About staffing and outsourcing
      • How to develop strong communication and processes
      • How to migrate to a fiduciary culture

        1.0 CPE | Specialized Knowledge

           
        2:30 pm

        Reflections and Questions

        Day 2 review and closing remarks

           
        2:45 pm Day 2 Adjourns
           

        Thursday, February 17, 2022

        10:00 am Opening Remarks and Recap of Day 2
           
        10:15 am

        Approval, Supervision, and Examination of PTCs

        Depending on where the entity is chartered, a PTC may receive a limited scope review once every three years or shorter based on volume and type of fiduciary activity. To be adequately prepared, it is important to know what to expect from “standard” examination procedures.

        Attendees will learn:

        • The process of charter application approval
        • How to prepare for an examination
        • What the examination process looks like
        • Post-examination responsibilities

        1.0 CPE | Specialized Knowledge

           
        11:15 am AM Break
           
        11:30 am

        Insights and Perspectives from Experience

        PTCs are known to be a powerful tool in long term family governance. Once the structure is established, the challenge is transforming the structure to maximize its potential as the center of the family’s wealth preservation pursuits.

        Attendees will learn:

        • How to leverage the PTC as a strategy for the family
        • Best practices for establishing operational guidelines
        • How to define the roles of the PTC and the family office
        • Advice on how to integrate the structure into the family system

          1.0 CPE | Specialized Knowledge

             
          12:30 pm

          Reflections and Questions

          Workshop review, questions and closing remarks.

             
          1:15 pm Workshop Adjourns
             
             
             
             

           

           

           

          FOX Presenters

          Glen W. Johnson
          President of Membership

          Glen W. Johnson is President of Membership at Family Office Exchange (FOX). In this role, he is responsible for all aspects of the member experience, ensuring that each family member, family office executive, and trusted advisor has an unsurpassed experience partnering with FOX by providing unique industry knowledge and insights coupled with a safe and confidential environment where members can share best practices. In addition, Glen oversees the operations of FOX and is charged with establishing and executing systems to execute FOX’s strategic plan, promoting its vision and service-centric culture, and enabling the FOX team to work together to exceed our member’s expectations.

          Glen has over 30 years of experience working with family offices, business owners, and executives, first as an attorney and then as a wealth advisor, eventually founding Mirador Family Wealth Advisors – the multi-family office for Fifth Third Bank. He has worked with business owners and executives across all stages of their business life cycle including business succession.  Glen writes and speaks nationally focusing on family and business governance and the unique challenges faced during the sale and transition of closely held businesses. 

          Glen earned a Bachelor of Sciences degree in Education from the University of Michigan in Ann Arbor, MI and a Juris Doctorate degree from Wayne State University Law School in Detroit, MI.

          .

          Scott Winget
          Enterprise Market Leader

          Scott Winget is the Enterprise Market Leader at Family Office Exchange (FOX). In his role, Scott serves as Co-Chair for Enterprise Councils and Executive Councils, where members can share experiences, ideas and best practices with veteran peers in a confidential environment. Scott also serves as relationship manager for Enterprise Family members, in order to understand their unique needs and provide them with access to important research and objective guidance. He is as a member of the FOX leadership team, helping to develop and execute service strategies designed to meet the needs of his market segment, and also participates in new research and thought leadership meaningful to members.

          Serving families for over 25 years in the areas or family office, wealth management and estate and tax planning, Scott brings significant experience to FOX and its members. Prior to joining FOX, Scott created and led multi-disciplinary and award-winning consulting groups that provided comprehensive family office services at both Cresset and Ascent Private Capital Management. Earlier, he was a senior wealth planner at Wells Fargo Family Wealth (later, Abbot Downing) and began his career as an income tax and estate planning specialist with Arthur Andersen and EY. Scott has participated in the FOX community for over 15 years.

          Scott is a CPA and holds a J.D. from The Ohio State University, where he also earned a B.S. in Business Administration with a dual major in Accounting and Finance. He is a member of the Rocky Mountain Estate Planning Council, Colorado Society of CPAs and the Colorado Bar Association. He has also held several securities and insurance licenses and served on the board of the Mountain Area Land Trust as Treasurer and head of the Finance Committee among other roles with non-profits.

           

          Private Trust Company Workshop Frequently Asked Questions:

          Where is the workshop and how do I access it?

          The workshop is taking place virtually and can be accessed via our virtual portal. Information on accessing the portal will be emailed to you directly. For access assistance please email events@familyoffice.com. You must be registered to access the event.

           

          How do I log in?

          To log in to the workshop, you will need the email address you used to register for the forum. Once you enter your first name, last name, and email address on the login screen, you will be sent a verification code to your email address. Once you enter your verification code, you will have access.

          Please note: once you have entered your email address in the virtual portal, it can take up to 10 minutes to receive your verification code. Your verification code will send from support@crowdcompassmail.com

          If you need assistance, please reach out to us at events@familyoffice.com.

           

          What do I do now that I’ve logged in?

          We recommend:

          • Completing your profile.
          • Reviewing the “attendee” section and requesting to connect with other attendees.
          • Taking some time to become familiar with the portal, and the “My Schedule” page, where you will access the sessions.

           

          How do I access the sessions?

          To access workshop sessions, click on “My Schedule”, the day you wish to participate in at the top, and then the session you wish to attend. Once inside the session – click the “Begin Session Here” button.

           

          When should I log in to attend the session?

          We recommend you log into the portal at least five minutes prior to the session to ensure you have enough time to receive a verification code (if needed) and navigate to your session.

           

          Do I have to log in every time I visit the event?

          If you do not close your browser windows or log out of the workshop, you will not need to log in again. Otherwise, you will need to log in again.

           

          What is the schedule?

          Please visit the Agenda tab.

           

          What is the time zone?

          All published times are in U.S. Central Time.

           

          Which technologies are you using?

          CVENT CrowdCompass is our virtual portal.
          Zoom facilitates video streaming.
          Zoom polling will be used for in-session polling.

           

          What device should I use?

          Some offices prevent access to external conference platforms from corporate VPN accounts. You may find it easiest to use a personal device to access this event.

           

          Do I have to attend every session to maintain access?

          No. You may come and go as you please from workshop sessions, and there is no requirement to participate in each of the event days in order to maintain access.

           

          Can other people see me, and if so – what is the dress code?

          Please note that participants can see each other on camera, and camera use is encouraged. Business casual attire is recommended.

           

          How can I change my visibility setting from hidden to visible or vice versa?

          Navigate to “edit your profile,” where you can change your visibility.

           

          My question isn’t here, how can I get additional help?

          Please email events@familyoffice.com and we’ll be delighted to assist you.