Trust Rotation
About
Parkside's Trust department is dedicated to serving the best interests of their families and clients. Their approach involves creating personalized plans that cater to the unique needs and goals of each individual/family they work with. With only three advisors, the trust department is small but mighty. During our two-week rotation, we learned about the diverse trust services clients often require. We also heard captivating stories and experiences shared by our mentors, who possess a wealth of knowledge and expertise in the industry.
Anjali and Cameron (2nd rotation)
Projects
LifeTrack Reviews
Innovest Account Synopsis Reports
Innovest List of Holdings Reports
Vendor Due Dilligence
ILIT Filing Project
Experience
Anjali Yadav
Trust was my second rotation during the internship. It was short for me because I was out of town for the first week. Despite missing half the rotation, I learned a lot. The Trust department at Parkside boasted a smaller clientele of just over 100 clients, allowing for personalized and hands-on service to meet their every need. Cameron and I worked closely alongside the small but mighty trust team: Kyle, Angie, and Justin. We heard stories about how our mentors mitigated conflict as trustees. Justin explained the importance of learning to say no to client requests while still keeping them satisfied. The unique and personalized nature of Trust services fascinated me. In my short time there, I absorbed a wealth of knowledge about the various types of trusts, their purpose, tax implications, and more. Cameron and I applied the knowledge we learned to practical projects. One of which involved us conducting due diligence reports on outside investment advisors managing our trusts. Another entailed meticulously reviewing ILIT client files and organizing important documents. As we delved into these assignments, we frequently visited our mentor’s offices and seeking guidance/clarifications. My time in the Trust department was rich with learning experiences and hands-on application of knowledge.
Cameron Thomas
My second rotation at Parkside was with the Trust department. Anjali and I were paired together again which was great because we got to continue the momentum from our previous rotation. During the two weeks I was there I got the opportunity to learn from Angie, Kyle, & Justin. I learned that even though they have a smaller team they are mighty and handle it well. One characteristic I experienced with this department as I did with the Family Office department is how tuned in, they are with their clients. While I was in this rotation, I learned all the groundwork of trusts from Kyle and Justin when they gave a fun and interactive presentation cleverly titled “Trust 101”. During these discussions, we regularly kept veering into more complicated areas which ended up becoming known as “AP Trust or Trust 490” classes. Even though we had less time in Trust than Family Office we still got the opportunity to learn through a variety of projects. I learned how to read a trust document which is not easy considering all the legal jargon that is used. After understanding the specifics of what a trust specifics I got to work with Anjali and complete due diligence reports where we look into the investments that other firms do on the client's behalf and ensure they are complying with what is stated, also it was fun to be a part of the digitation process where we looked at whole files and helped ensure copies where properly integrated into the system for better service for clients. It was fun learning all the nuances of administering trusts and I have enjoyed this rotation. The next rotation I have is commercial banking and I am eager to see what it entails.
Graham and Jessie (3rd rotation)
Projects
BASML Project
ILIT Filing Project
Documented outgoing funds for each trust for the first half of 2023
Experience
Graham Johnson
The third and final rotation of trust offered the opportunity to see real-world examples of clients organizing their assets to avoid any complications of inheritance among their beneficiaries. Being able to witness all the different types of trust taught me a lot about how to handle personal trust accounts for myself in the future. Getting to know the trust officers in the office and outside of Parkside at lunches gave me insight into how people can find their career in places they did not expect. The last rotation gave me a lot to think about in terms of what I want to do with my career and after completing all three aspects of the internship I know any of these industries would pique my curiosity and be a fantastic career choice. Witnessing the amount of relationship management needed between the trustor and trust officer is extremely impressive. Working in a highly sociable industry is important to me. The trust office embodies that trait with every client and internal collaboration at Parkside.
Jessie Deutschmann
Before starting the third rotation, I knew little about trust accounts. However, I quickly learned that trust is a safe place to hold assets for future beneficiaries. Trust accounts control how much money beneficiaries can receive each month and how they can use it. This prevents the money from being neglected or spent all at once. Parkside’s Trust team stressed the importance of a healthy client relationship and caring for their individual needs. Every trust is unique therefore it is important to stay attentive and work with clients towards an equal goal. Overall, my two weeks spent in trust opened my eyes to a new side of the finance industry and allowed me to learn from fantastic mentors.
