Welcome to TriPacta Financial Services
Specialists in outsourced trust administration
More than eighty percent of high net worth families select individual trustees over banks and trust companies to manage their legacy. But their representatives often lack the necessary tools to properly discharge their duties in an efficient, risk-averse, cost-effective fashion.
From distributing assets correctly to reconciling accounts, we’ve seen firsthand how easy it is for trustees to lose touch and operational effectiveness while getting bogged down in daily administrative tasks. With large banks shifting their focus to investment management, finding a reliable partner to provide your trust with personalized, hands-on support is harder than ever.
As your outsourced partner, we can expertly handle your accounting and administrative duties, freeing you up to focus on your responsibilities as a trustee. Our highly personalized services, together with our commitment to quality and integrity, allow you to be the best possible representative for your beneficiaries.
We hope you find working with us productive, refreshing and enjoyable.
TriPacta Financial Services
The Benefits of an Outsourced Trust Administrator
Once unheard of in the industry, outsourcing administration functions is now an attractive choice for individual and professional trustees alike.
Just a few of the benefits include:
- Less time wasted on routine tasks, allowing you to concentrate on the functions that make you most valuable to your estate and clients
- Reduced risk of legal trouble related to improper record-keeping, filings, and notification scheduling
- Increased efficiency and improved management quality for you and the beneficiaries you serve
- Reduced uncertainty, thanks to predictable, controlled costs
- Access to technology and experts that may be too costly for individuals and smaller organizations
- Greater agility to adapt to changing market conditions through flexible staffing, which provides the cost savings of a staff that’s only active when you need them
How We Work
When it comes to trusts, mundane tasks are often important tasks. Overlooking even small details can land the trust in trouble and expose the trustee to significant personal liability.
Unfortunately, administration of a trust is anything but simple. Trustees must handle everything from recordkeeping, to tax filing, to managing tax advisors and other professionals, and do so in a specific, timely manner that stays compliant with regulations. At TriPacta, we focus on handling the “boring stuff,” so you can keep your sights on what’s important — effectively managing the assets of the trust.
Whether you’re an individual managing an estate for the first time, or a professional with a variety of clients, trust TriPacta to provide the security and peace of mind that an independent team of experts can bring.
TriPacta does not get involved in investment management, provide legal advice, or act as fiduciaries. (If you are seeking help in these areas, just ask — we’re happy to refer you to one of our trusted partners.) We avoid conflicts of interest and are never paid for referrals, giving you confidence that our recommendations are objective and based on what is best for you.
As an individual trustee, managing an estate can be overwhelming, especially when coupled with the death of a family member or loved one. Time and time again, trusts fail because of well-intentioned but poorly equipped trustees. Rather than spending time making smart investment decisions and overseeing critical choices in the best interest of the trust, individual trustees often find themselves drowning in accounting and administrative minutiae.
With TriPacta, our team of experts will take time-consuming, complicated, and mundane tasks off your plate. Further, and unlike most other firms, we do not take the wealth management decisions out of your hands, making it easy for you to work with your own chosen professionals.
Whether you’re an attorney, RIA or professional trustee with a number of clients, TriPacta is uniquely positioned to help you maximize the value of your firm. Outsourcing your routine tasks through TriPacta allows you to spend more time building relationships with existing clients and bringing new ones on board.
Small law firms and professional trustees face an uphill battle: they are held to the same compliance and audit requirements as large firms, but often have limited resources and lack the in-house expertise to manage every aspect of a trust effectively. Disparate, inefficient processes — such as reliance on standalone spreadsheets — eventually catch up with even the most organized professional managers.
Our highly-trained administrative staff gives you immediate access to skilled administrators and state-of-the-art technology, helping you reduce overhead and increase the reliability of your operations. Systematized, controlled processes bring measurable increases in efficiency to your business, while also allowing you to grow or shrink your staff precisely according to your business needs. In a world where missed details can often mean legal trouble, TriPacta’s administrative expertise helps avoid costly oversights.
Trust Administration Services
TriPacta’s services are designed for personal and corporate trustees, family offices, banks, law firms and other financial professionals that oversee trust accounts. We provide a wide range of administrative services, including:
- Bill payment and processing
- Calculation and payment of distributions
- Communications with beneficiaries, vendors and related parties
- Financial controls on cash dispersals
- Anti-Money Laundering compliance services
- Processing transfers of assets
- Processing subscriptions and redemptions for alternative investments
- Collecting W9s and producing 1099s; e-filing to IRS on behalf of the trust
- Maintaining correspondence and compiling records of all transactions
- Calculation of minimum required distributions for IRA’s
- Maintaining records of income, expenses and assets
- Posting of check/wires to accounts
- Depositing and monitoring of checks and wires
- Accounting for income and expenditures
- Investment accounting
- Financial reporting to beneficiaries
- Cash and Investment Account reconciliation
- Calculation of the value of a decedents’ trust
- Cash flow projections
- Interfacing with tax preparers and other professional service providers
- Reminder notices to trustees for important deadlines
- Referrals to other professional service providers, including experienced estate and trust attorneys and investment advisors
- Online document repository
The TriPacta Difference
With over 40 years of hands-on leadership experience in the financial services industry, Frank brings much of the deep knowledge that helps make TriPacta a leader in its field. His career includes experience as the CEO of several brokerage and investment management firms, in addition to being the founding CEO of a firm providing administrative and accounting services to private equity, real estate, hedge and other types of private investment funds.
His skillset is based on a wealth of practical experience that includes financial administration, investment accounting, legal issues and conflict resolution, as well as experience managing and building financial service organizations. He is adept at finding creative solutions to difficult problems and has a single-minded focus on delivering quality service to clients.
Kelly Yeun, CAMS
EXECUTIVE VICE PRESIDENT
Kelly has more than 20 years experience in finance and investment administration. Throughout her career, she has demonstrated strong cognitive, organizational and decision-making skills to streamline business processes and provide superior customer service. Her experience includes extensive work with pensions and annuities, as well as day-to-day oversight of administrative, banking and treasury functions for various types of private investment funds.
Kelly has significant experience with Anti-Money Laundering (AML) compliance functions and is certified as an AML specialist by the Association of Certified Anti-Money Laundering Specialists.