What are your assets under administration and assets under management?
- Total of $8 billion assets under administration (non-managed)
- Total $350 million of assets under management (actively managed assets)
How long have you been in business?
Peak Trust Company, formerly the Alaska Trust Company, began operations in 1997 after the passage of the Alaska Trust Act which was the first legislation to allow for several new age sophisticated planning techniques. The founders of Peak Trust Company were heavily involved in the creation and passing of the Alaska Trust Act. Peak Trust Company was the first professional trustee to administer trusts under modern sophisticated trust laws. No other trust company has the length or depth of specialized knowledge in modern sophisticated trust administration as Peak Trust Company.
What is an independent trust company? What does “independent” mean?
An independent trust company is one that is not affiliated with a bank or an RIA (registered investment advisor). Independent trust companies typically only provide fiduciary services (including trusteeship), not retail banking services such as depository services or lending. Unlike big banks, at Peak Trust Company, trust administration is our core business, not merely a value-add to support other core business lines, such as private banking or money management. This empowers us to offer our services with ease, sophistication and without unnecessary red tape that is a common theme in working with bigger banking institutions. Being an independent trust company with trust services as our core focus allows us to preserve a close and personalized nature of business with all the clients and advisors with which we work.
Further, unlike a depository institution, an independent trust company’s capital is separate from its clients, no funds are commingled. Client assets are never exposed to creditors of the independent trust company. At a depository institution, the client’s assets become capital of the bank and are exposed to the bank’s creditors. This is the reason for FDIC insurance which provides coverage up to $250,000 per account for depository institutions. However, if Peak Trust Company, as an independent trust company, were to go out of business, the trust (or other account) would be whole and intact, albeit trusts would require a new trustee.
How do I know you are not going to take my money?
Peak Trust Company is a highly-regulated financial institution with offices in Alaska and Nevada and undergoes at least three independent examinations each year, in addition to financial audits. These examinations test and evaluate our policies, procedures and dual controls all of which are designed to protect client assets and adhere to best practices.
Further, unlike a depository institution, an independent trust company holds its capital separate from its client’s assets, no funds are commingled. Client assets are never exposed to creditors of the independent trust company. The company books and records are managed in a separate accounting system from fiduciary assets.