By Joseph R. Weiland, CFP®, Partner

I have spent my career as a professional financial advisor.  Finances touch all areas of our lives: family, health, longevity, social status and beyond.  A professional advisor is one who is paid to give advice.  Even paid-for advice is not always heeded, and certainly not all advice is acted upon.  This is a fact of an advisor’s life.  A good advisor gives good advice.  A great advisor gives good advice that is acted upon.  I have had moments of greatness in my career.

Most of our clients prefer to be in the position of final decision maker, but many are concerned that one day they may not be able to continue to make those decisions.  Or they are worried that their loved ones who stand to inherit their wealth will not be able to handle the great responsibility that comes with that wealth.

Many times, we have been asked if we could play the role of decision maker for our clients.  As an RIA, we are not allowed to fill that role.  That role is called being a trustee.  We would need to be a trust company to do this.

20 years ago, when I first got to know Frank Tabar, an expert in the trust industry and now a longtime friend, he asked about how we work with clients.  I explained to him about the holistic nature of Arlington’s work with our clients.  He said, “Oh, you’re like a trust officer”.  I said, “Yes, but we cannot say no to a client.”

I have spent the last year working with Frank to establish a new trust company.  The Santa Barbara Trust Company is launching this summer and is a logical next step for Arlington Financial Advisors.

It has taken us over a year, and cost well over a half million dollars in related expenses simply to position ourselves to raise the funds to found the company.  It is an investment that we feel is the right one to make.  We have spent too many years helping our clients build their estates to leave them without the final protection that an institutional trust company can provide.  Good business provides a needed service to an appreciative customer.  I have spent my entire career in this form of professional relationship.  I am looking forward to the final act of my career, the founding and management of a legacy financial institution based upon providing a needed service to appreciative customers.