2023 FOX Private Trust Company 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 can choose a program curated to their current situation: 

  • Day one concentrates on fundamental questions for families and their advisory team exploring or currently forming a PTC.  
  • Day two involves more qualitative questions and best practices and is appropriate for anyone with an interest in PTCs at any level of experience.
  • Day three reviews more advanced topics for those who have experience who are looking to take an established PTC to the next level.

    Who should attend:

    • Days one and two are appropriate for families and their advisory team exploring or currently forming a PTC.
    • Days two and three are appropriate for those with established PTCs who are interested in taking their trust company to the next level.
    • Those interested in a refresher and in exploring more complex topics will want to attend all three days.

    Attendee Quotes

    “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.”

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

    • About
    • Agenda
    • Speakers
    • FAQs

    Attendees will learn the following:

    • Why families form a PTC
    • The role of the PTC in supporting the family enterprise
    • What differentiates the PTC structure from other trust and regulated structures
    • Considerations regarding charter states and whether or not to be registered
    • Options and best practices related to structure, ownership, governance and operations
    • Opportunities to create healthy trustee and beneficiary relationships
    • How to identify and mitigate tax and regulatory risks in operation of the PTC
    • Cutting edge techniques and future trends for the PTC
    • Lessons learned from seasoned PTC executives and experts

    Pricing

      FOX Members   Non-Members
      Days 1 & 2
    Jan. 24-25
    Fundamentals
    Days 2 & 3
    Jan. 25-26
    Experienced

    All 3 Days
    Jan 24-26
    Comprehensive

      Days 1 & 2
    Jan. 24-25
    Fundamentals
    Days 2 & 3
    Jan. 25-26
    Experienced
    All 3 Days
    Jan 24-26
    Comprehensive
    Individual Attendees $1,400 $1,400 $2,000   $1,750 $1,750 $2,500
    *Multiple Attendees $1,250 $1,250 $1,800   $1,575 $1,575 $2,250
    *From the same family/firm

     

    Session Replay Access: Workshop session replays will be available to attendees in the FOX event portal and app for 90 days.

    REGISTRATION: The Private Trust Company 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. For the privacy of our families and family offices, advisors are not invited to register, unless as a guest accompanying a family or family office. To have an advisor join your family or family office at the workshop, please email us at events@familyoffice.com. All registrations subject to approval by FOX.

    REFUND POLICY: To ensure the most flexibility for our members and guests, refunds of registration fees will be granted up to the event start date, so long as we are notified in writing at events@familyoffice.comFor more information regarding administrative policies please contact FOX office at: 312.327.1200.

    Field of Study: Specialized Knowledge - Up to 11 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, January 24, 2023

    All times listed are in US Central Time
       
    10:00 am Welcome to the Workshop
       
    10:10 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

    Scott Winget, Enterprise Market Leader, FOX

    CPE is not offered for this session.

       
    10:40 am

    Fundamental Decisions: Charter State? Registered or Unregistered?
    After deciding to form a PTC, two important decisions are in choosing the best home state for the family to help achieve its vision and whether to operate as a registered or unregistered trust company. Both questions require a balancing act, weighing various state-specific factors against the family’s goals and values.

    Attendees will learn:

    • Which states support PTCs
    • Important factors to consider when evaluating a particular state
    • Advantages, responsibilities, and disadvantages of registration

    Domingo Such, Partner, Firmwide Chair, Family Office Services Practice, Perkins Coie LLP

    1.0 CPE | Specialized Knowledge

       
    11:30 am Break
       
    11:40 am

    Structuring and Governing the PTC: Owners and Boards
    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

    Robert R. Galloway, Partner, Leader of Private Wealth Team, BakerHostetler  

    1.0 CPE | Specialized Knowledge

       
    12:30 pm Lunch Break
       
    1:30 pm

    Approval, Supervision, and Examination of PTCs
    Working on the PTC with state regulators needn’t be worrisome, but it’s wise to know what to expect during the entire process, from initial approval through supervision and examination.

    Attendees will learn:

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

    Matt Tobin, COO, Managing Director, Legal Counsel, South Dakota Trust Company LLC

    1.0 CPE | Specialized Knowledge

       
    2:20 pm

    Breakouts
    Participants will join small breakout groups to discuss what they learned from the day, share their situations, and ask questions.

       
    3:10 pm Day 1 Adjourns
       

    Wednesday, January 25, 2023

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

    Fiduciary Responsibilities, Powers and Capabilities
    Any trustee takes on significant fiduciary powers, responsibilities, duties, and potential liabilities. The PTC can uniquely address these responsibilities and has other inherent capabilities that allow it to meet many other needs and goals of the family.

    Attendees will learn:

    • Responsibilities of every trustee
    • How a PTC is well-suited to effectively meet all traditional fiduciary responsibilities
    • How a PTC can achieve other needs and goals of the family in ways that a traditional trustee often cannot

    Richard Johnson, Attorney, Waller Lansden Dortch & Davis

    1.0 CPE | Specialized Knowledge

       
    11:00 am

    Good Governance Practices
    Good governance requires more than a set of documents and structures. It requires intentional and deliberate practices to ensure that the PTC operates effectively on behalf of all stakeholders. A panel of PTC executives and directors will discuss lessons learned and best practices implemented in overseeing and managing their trust companies.

    Attendees will learn:

    • Best practices in balancing the interests of all stakeholders in the PTC
    • Considerations and cautions in management and oversight
    • Lessons learned from years of practice and implementation

    Ben Francois, Partner, BanyanGlobal Family Business Advisors 
    Panel of PTC Executives and Directors (speakers TBD)

    1.0 CPE | Specialized Knowledge

       
    11:50 am Lunch Break
       
    12:50 pm

    Positive Beneficiary Relationships
    The PTC has an opportunity to build positive, long-lasting, and beneficial relationships with the beneficiary that can significantly improve the impact of a family’s long-term wealth preservation plan. Trusts are relationships dependent on attention, communication, and expectation-management by both the trustee and beneficiary.

    Attendees will learn:

    • Practices in creating positive relationships that serve the family’s long-term goals
    • Techniques for developing successful and empowered beneficiaries
    • How the PTC, its committees and beneficiaries can all participate in the process

    David York, Partner, York and Howell
    Jeff Strese, Family Learning and Leadership Consultant, FOX

    1.0 CPE | Specialized Knowledge

       
    1:40 pm Break
       
    1:50 pm

    Leading Practices:  Operations and Administration
    At a minimum, a PTC must adhere to applicable state laws and its operating documents. But truly effective PTCs plan proactively and strategically to integrate compliance, operations, and administration to optimize outcomes for families.

    Attendees will learn:

    • Basic administrative procedures necessary to meet minimum standards
    • What to watch to mitigate risk and maximize opportunity
    • Techniques used by successful families in operating at a higher level

    Scott D. Weaver, General Counsel & Chief Fiduciary Officer, Willow Street

    1.0 CPE | Specialized Knowledge

       
    2:40 pm Breakouts
    Participants will join small breakout groups to discuss what they learned from the day, share their situations, and ask questions.
       
    3:10 pm Day 2 Adjourns
       

    Thursday, January 26, 2023

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

    Interstate Activity:  What to Watch
    Families and their wealth are complicated and diverse.  Individuals, assets and activities across state lines can create complications with tax and regulatory implications that need to be monitored and considered.  Paying close attention while creating and following prudent practices can help to reduce risks.

    Attendees will learn:

    • How state laws vary in their treatment of trusts, beneficiaries and trustees with certain connections to the state
    • Activities that create the greatest risk to trusts, beneficiaries and families
    • Practices and procedures that can mitigate tax and regulatory risks

    Matt Tobin, COO, Managing Director, Legal Counsel, South Dakota Trust Company LLC

    1.0 CPE | Specialized Knowledge

       
    11:00 am

    The Future of the Private Trust Company
    PTCs have been evolving over time, as the industry and states react to protect trusts and beneficiaries, serve constituents, and compete for trust business. A panel of state banking commissioners will discuss what they are watching and what’s next for PTCs.

    Attendees will learn:

    • Factors currently impacting the PTC industry
    • Current focus areas for state legislatures and regulatory agencies
    • Future trends expected for PTCs

    Elise McGee, Partner, McDermott Will & Emery
    Panel of State Banking Commissioners, including Greg Gonzales (TN) (tentative), Jeremiah Bishop (WY), and others.

    1.0 CPE | Specialized Knowledge

       
    11:50 am Lunch Break
       
    12:50 pm

    Mid-Stream Adjustments and Corrections
    The initial design of a PTC might seem right at first, but as families begin to operate within the framework, they often realize that there are elements that they don’t like.  This session will review how adjustments might be made to the structure, procedures and operations of the PTC and other related parts of the family enterprise to better support family values and goals.

    Attendees will learn:

    • The importance of reviewing performance and realities of the PTC in operation
    • Alternatives to consider in the operation and structure of the PTC
    • Case studies of families who have made adjustments along the way

    Miles Padgett, Partner, Kozusko Harris Vetter Wareh Duncan LLP

    1.0 CPE | Specialized Knowledge

       
    1:40 pm Break
       
    1:50 pm

    Lessons and Wisdom from Experience
    The PTC can be an effective and powerful tool in long-term family wealth preservation and governance. The challenge is in operating the PTC to maximize its potential. A panel of experienced PTC directors and executives will discuss their perspectives and lessons learned.

    Attendees will learn:

    • Effective and efficient operational guidelines
    • Leveraging the PTC as part of a long-term strategic plan
    • Integrating the PTC into the family enterprise

    Jennifer Remondino, Partner, Warner, Norcross + Judd
    Panel of PTC Executives and Directors (speakers TBD)

    1.0 CPE | Specialized Knowledge

       
    2:40 pm Breakouts
    Participants will join small breakout groups to discuss what they learned from the day, share their situations, and ask questions.
       
    3:10 pm Day 3 Adjourns

     

     

     

    FOX Presenters

    Jeff Strese
    Family Learning & Leadership Consultant

    Jeff Strese is the Family Learning & Leadership Consultant at Family Office Exchange (FOX). As a consultant, Jeff has focused on multi-generational family enterprises, corporations, and mission-driven nonprofit organizations. He has more than 25 years of experience working across industries in the areas of leadership development, organizational effectiveness, and family dynamics. He holds certifications in family wealth and family business advising (CFWA, CFBA). 

    Jeff is passionate about helping family businesses and organizations create clarity out of the complex and inspiring leaders from all backgrounds to develop and master critical skills like coaching, communication and emotional intelligence. He has developed innovative programs to guide next-generation leaders to reach their full potential in a fast-paced, global economy. 

    Jeff has served as Chief Talent and Learning Officer (CTLO) at Tolleson Wealth Management, a multi-family office serving client families across the country. Prior to his role at Tolleson, Jeff served as the Chief Human Resources Officer (CHRO) at Southern Methodist University (SMU).

     

    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.

    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.

    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 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.

    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.

    Session Replay Access

    Workshop session replays will be available to attendees in the FOX event portal and app for 90 days.