A trustee can only be as effective as the quality of the information and
communications channels that are available but in far too many instances the
industry falls short, argues the creator of a new business for the sector.

One problem is that the roles of trustees and trust administrators are
blurred, despite the very different roles they play, says Robert Clifford, who
recently told WealthBriefing about
his business, Fidusys, which is based in Jersey.
The firm, launched a few weeks ago, is described as a “purpose-built online
management system for fiduciaries”.

“I would like a really good debate in the trust industry about what is
best for settlors and beneficiaries about how best trusts can be managed. Trust
systems need to support trusteeship, good decisions, as well as they support
administration. Decisions come first, administration follows,” Clifford said.

Fidusys offers online services such as what it calls “trustee/director
decision management”; trust management, including any risk rating or associated
methodology; a management overview portal; document management; know-your-client
compliance support, and automated filings of meetings.

Clifford reckons his business will put more information in front of
trustees and in an efficient manner – something that the trusts sector will
appreciate at a time when costs of doing business face upward pressure as
compliance burdens mount.