NAICS Code 523991-12 - Trust Companies
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NAICS Code 523991-12 Description (8-Digit)
Hierarchy Navigation for NAICS Code 523991-12
Parent Code (less specific)
Tools
Tools commonly used in the Trust Companies industry for day-to-day tasks and operations.
- Trust accounting software
- Estate planning software
- Investment management software
- Risk management software
- Compliance management software
- Customer relationship management (CRM) software
- Document management software
- Financial planning software
- Tax preparation software
- Portfolio management software
Industry Examples of Trust Companies
Common products and services typical of NAICS Code 523991-12, illustrating the main business activities and contributions to the market.
- Estate planning
- Investment management
- Trust administration
- Wealth management
- Retirement planning
- Charitable giving
- Asset protection
- Special needs trusts
- Corporate trust services
- Family office services
Certifications, Compliance and Licenses for NAICS Code 523991-12 - Trust Companies
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Certified Trust and Financial Advisor (CTFA): A certification provided by the American Bankers Association (ABA) that demonstrates expertise in the areas of fiduciary and trust activities, financial planning, tax law, investment management, and ethics.
- Certified Trust and Financial Planner (CTFP): A certification provided by the Institute of Business & Finance (IBF) that demonstrates expertise in the areas of trust and estate planning, investment management, tax law, and ethics.
- Certified Financial Services Auditor (CFSA): A certification provided by the Institute of Internal Auditors (IIA) that demonstrates expertise in the areas of auditing, risk management, and regulatory compliance for financial services organizations.
- Certified Anti-Money Laundering Specialist (CAMS): A certification provided by the Association of Certified Anti-Money Laundering Specialists (ACAMS) that demonstrates expertise in the areas of anti-money laundering (AML) and counter-terrorist financing (CTF) compliance.
- Certified Information Systems Auditor (CISA): A certification provided by ISACA that demonstrates expertise in the areas of information systems auditing, control, and security. This certification is relevant for trust companies that handle sensitive financial information.
History
A concise historical narrative of NAICS Code 523991-12 covering global milestones and recent developments within the United States.
- The "Trust Companies" industry has a long history dating back to the Middle Ages when wealthy families used trusts to protect their assets. In the 19th century, the industry began to take shape in the United States, with the establishment of the first trust company in New York in 1822. The industry grew rapidly in the early 20th century, with the passage of the Federal Reserve Act in 1913 and the creation of the Federal Deposit Insurance Corporation in 1933. In recent years, the industry has faced challenges due to increased regulation and competition from other financial institutions. However, trust companies have adapted to these changes by expanding their services and investing in technology to better serve their clients. In the United States, the "Trust Companies" industry has a more recent history, with the growth of the industry in the 1970s and 1980s. During this time, trust companies expanded their services to include investment management, estate planning, and other financial services. The industry continued to grow in the 1990s and 2000s, with the consolidation of smaller trust companies and the emergence of larger, national firms. Today, the industry faces challenges from changing demographics and increased competition from other financial institutions, but continues to provide valuable services to individuals and families seeking to protect and grow their wealth.
Future Outlook for Trust Companies
The anticipated future trajectory of the NAICS 523991-12 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Stable
The future outlook for the Trust Companies industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for trust services from high net worth individuals and families. The aging population is also expected to contribute to the growth of the industry as more people seek estate planning and wealth management services. Additionally, the industry is expected to benefit from the increasing complexity of financial regulations, which is driving demand for specialized trust services. However, the industry may face challenges from the increasing competition from banks and other financial institutions that offer similar services.
Industry Innovations for NAICS Code 523991-12
Recent groundbreaking advancements and milestones in the Trust Companies industry, reflecting notable innovations that have reshaped its landscape.
- Digital Trust Services: Trust companies are increasingly offering digital trust services to their clients, allowing them to manage their trusts online and access information about their accounts from anywhere.
- Sustainable Investing: Many trust companies are now offering sustainable investing options to their clients, allowing them to invest in companies that are committed to environmental, social, and governance (ESG) principles.
- Cybersecurity: Trust companies are investing in cybersecurity measures to protect their clients' sensitive information from cyber threats.
- Family Office Services: Some trust companies are expanding their services to include family office services, which provide comprehensive wealth management services to high net worth families.
- Philanthropic Services: Trust companies are also offering philanthropic services to their clients, helping them to manage their charitable giving and maximize the impact of their donations.
NAICS Code 523991-12 - Trust Companies
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