What is a trust company?

Aside from individuals acting as a trustee, it was common practice for many of the banks to have trust departments that handled the settlements of estates & the management of trusts.  In many cases, investment advisors found themselves losing client assets to bank trust departments at the death of the client. I believe it is for this reason that trust companies began to be established they were totally independent of banks and stood on their own to provide all of the services that were once provided by the bank trust apartments. In summary, the trust company as a standalone operation, provides estate settlement services, trust services and custodial services to individuals, corporations and other forms of institutions. In addition, investment advisors could now split the administrative functions needed from the trust department and maintain their investment advisory services for their clients. I hope this helps and good luck