Distinctions

The trustee/administrator function split is a key part of his firm’s approach.

“In assessing trust company performance the onset of litigation often
reveals a schizophrenic approach by settlors and trustees alike,” Clifford
said.

“Before any litigation, the most usual indicators of trustee performance
are cost and administrative efficiency. When and if litigation commences there
is a sudden sea change in opinion and, unsurprisingly, everything turns on the
quality of trustee decisions. It is not a question of fault, but a question of
focus, priorities and communication. Decisions, or trust management, need to
emerge from the shadows of efficient administration and inadequate information
management systems,” he said.

Trustees are decision makers and trust administrators as those who carry
out the requirements of trustees. There are clear differences between their
roles and the type of support that both groups need, he said. 

“I wanted to create a system [that was] something that trustees could develop
and change for themselves. It [Fidusys] puts them in charge of system
development and change in place of the software vendor. It also allows other
people, such as tax advisors and lawyers to have access to all or any part of the
system.”