Follow Susan Linkedin Twitter Facebook
Email Susan Email
Financial
May 15, 2017

Who Do You Trust?

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

What qualities are you looking for in an advisor? What values are you looking for in a partner? 
 
We all want someone we can trust, someone we expect to be there for us when we need them. At least that’s what I look for when I’m searching for a provider of some type. I want to know I can rely on them to give me the best advice possible, and that the advice is unbiased.
 
We know that’s the way advisors should be and to possess these basic characteristics. But shouldn’t I also be able to ask that the person or firm will be there for the long haul? That they will do what they’ve promised to do? I don’t need someone to work miracles or move mountains - just follow through on promises made. 
 
With all the bad news and uncertainty in the world, it’s nice to be able to say there are some people you can rely on. It would be nice to know that some promises are important enough to keep, for instance when an institution says it is going to take care of me. I don’t expect services beyond that institution’s scope, or for it to stretch beyond what it can provide.
 
I think that’s what has gotten some of these larger institutions in trouble. When you hear about companies opening accounts illegally, having sales contests and not providing support for their employees, you must wonder how these things happen. I mean, how many times do they have to be hit with multimillion-dollar fines before they learn?  Not just multimillion, but hundreds of millions! 
 
One such company was even fined $5.4 million for firing the employee that blew the whistle on unsavory practices. In addition to the fine, the company was made to re-hire the employee. That same company has laid off close to 6,000 employees due to mismanagement.
 
Of course, these types of practices aren’t limited to the banking industry. Just recently, two insurance agents in North Carolina defrauded retirees in fourteen different counties across the state in excess of $11 million. How can I rely on companies like these to provide me with unbiased information, much less honest communication, and to act in my best interest? How can I be sure their recommendations are truly beneficial for me and not for them? 
 
When thinking about the beneficiaries of your estate, you will probably want them to be able to get good advice from someone they can trust, who is not trying to sell them some new product every week. You want someone who will listen and make recommendations based on what’s best for you and your beneficiaries, not what’s best for the institution.
 
This is where having a fiduciary comes in handy. By law, a fiduciary must put client’s interests ahead of his or her own. A fiduciary must act in an unbiased fashion.
 
I like to think that I, and Old North State Trust, provide these qualities and services to our clients each day. In fact, it’s our motto to put our clients and our employees first, to do business above-board and honestly and let everything else take care of itself. 
 
We even have this mantra printed on plaques in each one of our offices. It’s something we take very seriously and live by, not just words on a board.

Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends.  The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics.  Readers should be aware that the facts may vary depending upon individual circumstances.  The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely. 

Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.  
 

Other Posts from Susan Willett

Onst insights blk
Ico insights

INSIGHTS

SPONSORS' CONTENT
Leath 683x10242

Avoiding HR Nightmares: Help is Here!

Lisa Leath - Leath HR Group
Dave hoff heashot 300x300

The Exit Room: A Simulation Made for Learning Agility

Dave Hoff - EASI Consult
Volety 0020 1121724229

New Interdisciplinary Studies Program Opens Doors for Former Seahawks

Aswani Volety - UNCW College of Arts and Sciences

Trending News

Trampoline Park To Open Saturday At Mayfaire

Johanna Cano - Aug 16, 2018

Company Begins Moving Into New Wilmington Space

Cece Nunn - Aug 16, 2018

ACME Plans More Space For Growing Workforce

Christina Haley O'Neal - Aug 17, 2018

In The Current Issue

Record Rainfall Bogs Down Construction

Record rainfall this summer in Wilmington is not just dampening spirits and dousing beach vacations. The weather is also affecting commercia...


Hitting The Right Note On Music Careers

For those in music, hitting the road full time can take a mix of talent and business know how....


Tariffs Could Impact FTZ Business Benefits

Local and national trade experts say that Foreign Trade Zones can be a tool for local companies to utilize in global business, but whether i...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes