Trust...But Verify.

• Author: Albro, Walt
• Position: Trust businesses offer services to market new wealthy - Brief Article

There's a new breed of client these days, and it's shaking up the trust business, according to American Banker magazine. Once the province of the old money crowd, trust departments are slowly learning to deal with a younger clientele, with different interests and expectations. Changes in retirement plans are encouraging individuals to invest for asset growth, increasing their presence in an industry once dominated by institutional investors.

"Now a lot of people want to set up living trusts and private banking relationships," says James McLaughlin, ABA's director of regulatory and trust affairs. "There's a whole new host of services for high-net-worth customers."

As a...