CHICAGO, October 9, 2017 – Despite one of the longest bull markets in U.S. history and record numbers of wealthy U.S. households, the use of financial institutions to manage personal trust assets declined again in 2016, Spectrem Group reported today in its 2017 Comprehensive Bank Trust Update. Since 2009, during the height of the Great Recession, the amount of personal trust assets within U.S. institutions has decreased significantly and now stands at just over $892 billion.
- Trust ownership among the wealthiest investors (those with a net worth above $25 million) reached 88 percent in 2016, with 70 percent of those investors owning more than one trust. But only 16 percent of those investors use a corporate trustee.
- The consolidation of trust accounts continues, as the top 10 institutions in the trust industry hold 57.7 percent of all assets.