Why a Private Fiduciary May Be Better Than a Bank
Hiring a private fiduciary is especially useful when:
- Your estate doesn’t meet bank minimums
- You need flexible and ongoing support
- Family dynamics are complex or strained
- There’s no available or appropriate family member to manage affairs
- You want a more personal, consistent relationship
Personalized Attention
Private Fiduciary:
You’ll work directly with the person responsible for your affairs. Communication is streamlined, personal, and timely. We take time to understand your goals, preferences, and family dynamics.
Bank Trustee:
You’re often assigned to a rotating team or department. Communication may go through layers of staff or formal channels, making urgent or complex decisions slower and more impersonal.
Greater Flexibility
Private Fiduciary:
We can respond quickly to changing circumstances—whether that’s adjusting a care plan, managing a property sale, or coordinating with family members or medical teams.
Bank Trustee:
Banks operate within strict institutional policies and often require committee approval for many actions. This can delay decision-making and reduce adaptability.
Holistic Support – Not Just Financial
Private Fiduciary:
We don’t just manage bank accounts or trusts—we coordinate with healthcare providers, monitor daily needs, arrange in-home care, assist with housing transitions, and act as a point of contact for family members. Our role is comprehensive, addressing both financial and personal well-being.
Bank Trustee:
Banks focus primarily on asset management. They do not get involved in healthcare advocacy, care coordination, or day-to-day life issues. If these needs arise, families are often left to coordinate them separately.
Cost Transparency
Private Fiduciary:
Fees are generally straightforward and based on services provided. You’ll receive clear explanations of charges and billing practices.
Bank Trustee:
Corporate trustees may charge layered administrative fees, percentage-based fees on assets, and additional costs for special services.
Local Knowledge & Community Ties
Private Fiduciary:
We live and work in your community. That means we’re familiar with local courts, attorneys, care providers, housing options, and resources. That local insight makes a real difference.
Bank Trustee:
Banks often operate on a national scale, and decision-makers may be based in another state or unfamiliar with local issues and resources.
No Minimum Asset Requirement
Private Fiduciary:
We work with a wide range of estates, regardless of size. Our focus is on people and needs, not just dollar amounts.
Bank Trustee:
Most banks require a minimum estate size—often between $1 million and $5 million—to take on a trust or estate administration role.
The Bottom Line
A California Private Licensed Fiduciary offers a personal, professional, and highly responsive alternative to bank trusteeship. Whether you’re planning ahead for your own future or managing the affairs of a loved one, a private fiduciary can provide trusted guidance, reduce stress, and help ensure your wishes are carried out with care.
Need help navigating your options?
At BB Fiduciary Services, we specialize in trust and estate administration, daily money management, healthcare oversight, and more—tailored to meet your unique needs.
📞 Contact us today for a confidential consultation.
BB Fiduciary Services
Trusted. Responsive. Local.
