NAICS Code 523991-12 - Trust Companies

Marketing Level - NAICS 8-Digit

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NAICS CODE 523991-12
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Looking for more companies? See NAICS 523991 - Trust, Fiduciary, and Custody Activities - 2,385 companies, 16,320 emails.

NAICS Code 523991-12 Description (8-Digit)

Trust Companies are financial institutions that provide trust, fiduciary, and custody services to individuals, businesses, and organizations. These companies act as trustees, managing assets and investments on behalf of their clients. Trust Companies are responsible for ensuring that their clients' assets are protected and managed in accordance with their wishes and legal requirements. They offer a range of services, including estate planning, investment management, and trust administration.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523991 page

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

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.