Tools commonly used in the Trust Service industry for day-to-day tasks and operations.

• Trust accounting software
• Estate planning software
• Investment management software
• Risk management software
• Compliance management software
• Document management software
• Tax preparation software
• Customer relationship management software
• Financial planning software
• Portfolio management software

Common products and services typical of NAICS Code 523991-13, illustrating the main business activities and contributions to the market.

• Wealth management
• Estate planning
• Investment management
• Retirement planning
• Charitable giving
• Asset protection
• Special needs trusts
• Business succession planning
• Trust administration
• Family office services

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 Regulatory and Compliance Professional (CRCP): A certification provided by the FINRA Institute at Wharton that demonstrates expertise in the areas of regulatory compliance, risk management, and ethics 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 regulations, compliance, and risk management.

A concise historical narrative of NAICS Code 523991-13 covering global milestones and recent developments within the United States.

• The "Trust Service" industry has a long and rich history dating back to the Middle Ages when the concept of trusts was first introduced in England. The first trust was created in 1535 by Sir Edward Coke, who established a trust to manage his estates for the benefit of his family. In the United States, the concept of trusts was introduced in the late 19th century, and the industry has since grown to become an essential part of the financial sector. Notable advancements in the industry include the introduction of new technologies such as online trust management platforms, which have made it easier for clients to manage their trusts remotely. In recent years, the industry has also seen an increase in demand for socially responsible investing, which has led to the development of new trust products that focus on environmental, social, and governance (ESG) factors.

The anticipated future trajectory of the NAICS 523991-13 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Trust Service industry in the USA is expected to grow in the coming years due to the increasing demand for trust services from high net worth individuals and families. The industry is also expected to benefit from the growing number of baby boomers who are reaching retirement age and are looking for ways to manage their wealth. Additionally, the industry is expected to benefit from the increasing complexity of estate planning and the need for professional advice in this area. However, the industry may face challenges from increased competition from other financial services providers and regulatory changes that could impact the industry's profitability.

Recent groundbreaking advancements and milestones in the Trust Service industry, reflecting notable innovations that have reshaped its landscape.

• Digital Trust Services: Trust Service providers are increasingly offering digital trust services that allow clients to manage their trusts online, including accessing account information, making transactions, and communicating with their advisors.
• Specialized Trust Services: Trust Service providers are offering specialized trust services to meet the unique needs of clients, such as trusts for pets, art collections, and other assets.
• Impact Investing: Trust Service providers are offering impact investing services that allow clients to invest in companies and projects that align with their values and social goals.
• Collaborations with Other Financial Services Providers: Trust Service providers are collaborating with other financial services providers, such as banks and investment firms, to offer clients a broader range of services.
• Increased Use Of Technology: Trust Service providers are using technology to streamline their operations and improve the client experience, such as using artificial intelligence to analyze client data and provide personalized advice.