Are you working with a directed trustee and have been given investment discretion within a trust document? This guide breaks down the three simple options of how the lines of communication work between you, ICON, and a financial advisor.
You have a conversation with your financial advisor about your desire to buy 50 shares of Apple stock.
You call or email ICON directing us to purchase 50 shares of Apple stock.
ICON calls or emails your financial advisor telling them to purchase 50 shares of Apple stock.
A financial advisor has a call with you about the parameters of a fully discretionary investment account. The financial advisor explains that if he/she stays within these parameters the three parties do not have to communicate back and forth.
You confirm with ICON you want to give your financial advisor discretionary approval.
You direct ICON to sign the financial advisor’s discretionary authorization form and Investment Policy Statement (IPS).
ICON calls or emails your financial advisor with confirmation to implement their Investment Policy Statement (IPS).
This is a true bifurcated trust. You have full investment responsibility and should be able to make all investment decisions and direct your financial advisor without any consultation with or involvement by ICON.
*This is how technically it should work, but most of the financial industry/custodians as a whole have not adopted this approach yet.
This guide was created to help you in working with a directed trustee. The goal was to show it is not complicated. The first couple of interactions will be a learning process and once you get the process down, it will be smooth sailing.
Do not hesitate to call your trust officer if you have any questions (702) 998-3700.
