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NAICS Code 523991-14 Description (8-Digit)

Trustees are professionals who are responsible for managing assets and making decisions on behalf of a trust's beneficiaries. They are appointed to ensure that the trust is managed in accordance with the trust agreement and applicable laws. Trustees have a fiduciary duty to act in the best interests of the beneficiaries and to manage the trust's assets prudently.

Hierarchy Navigation for NAICS Code 523991-14

Tools

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

  • Trust accounting software
  • Investment management software
  • Estate planning software
  • Tax preparation software
  • Legal research databases
  • Financial analysis tools
  • Risk management software
  • Compliance monitoring tools
  • Document management software
  • Communication and collaboration tools

Industry Examples of Trustees

Common products and services typical of NAICS Code 523991-14, illustrating the main business activities and contributions to the market.

  • Family trusts
  • Charitable trusts
  • Pension trusts
  • Employee benefit trusts
  • Real estate investment trusts (REITs)
  • Unit trusts
  • Testamentary trusts
  • Living trusts
  • Asset protection trusts
  • Special needs trusts

Certifications, Compliance and Licenses for NAICS Code 523991-14 - Trustees

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 trust and wealth management, financial planning, and fiduciary duties.
  • Certified Trust and Financial Planner (CTFP): A certification provided by the Institute of Business & Finance (IBF) that demonstrates expertise in trust and estate planning, investment management, and financial planning.
  • Certified Financial Services Auditor (CFSA): A certification provided by the Institute of Internal Auditors (IIA) that demonstrates expertise in auditing financial services organizations, including trust and custody activities.
  • Certified Fiduciary and Investment Risk Specialist (CFIRS): A certification provided by the Cannon Financial Institute that demonstrates expertise in fiduciary risk management, investment management, and regulatory compliance.
  • Certified IRA Services Professional (CISP): A certification provided by the American Bankers Association (ABA) that demonstrates expertise in individual retirement accounts (IRAs), including trust and custodial services.

History

A concise historical narrative of NAICS Code 523991-14 covering global milestones and recent developments within the United States.

  • The "Trustees" industry has a long history dating back to the Middle Ages when the concept of trust was first introduced in England. The industry has since evolved to become a crucial part of the financial sector worldwide. In the United States, the industry has seen significant growth since the 1970s, with the introduction of new trust laws and regulations. Notable advancements in the industry include the development of new trust products and services, such as asset protection trusts and special needs trusts, as well as the adoption of new technologies to improve efficiency and security in trust administration.

Future Outlook for Trustees

The anticipated future trajectory of the NAICS 523991-14 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

  • Growth Prediction: Stable

    The industry of Trustees in the USA is expected to grow in the coming years due to the increasing demand for trust services. The rise in the number of high net worth individuals and the need for estate planning and asset protection are some of the factors driving the growth of the industry. Additionally, the increasing complexity of financial regulations and the need for compliance are also expected to contribute to the growth of the industry. The industry is also expected to benefit from the increasing adoption of technology, which is expected to improve efficiency and reduce costs. However, the industry is also expected to face challenges such as increased competition and the need to adapt to changing customer preferences and expectations.

Industry Innovations for NAICS Code 523991-14

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

  • Digital Trust Services: Trustees are increasingly adopting digital platforms to offer trust services to their clients. These platforms offer a range of services such as estate planning, asset protection, and investment management. They also provide clients with access to their accounts and allow them to monitor their investments in real-time.
  • Sustainable Investing: Trustees are also increasingly focusing on sustainable investing, which involves investing in companies that have a positive impact on the environment and society. This trend is driven by the increasing demand from clients for socially responsible investments.
  • Cybersecurity: Trustees are investing in cybersecurity measures to protect their clients' data and assets from cyber threats. This includes measures such as encryption, firewalls, and multi-factor authentication.
  • Artificial Intelligence: Trustees are also adopting artificial intelligence (AI) to improve their services. AI can be used to analyze data and provide insights that can help trustees make better investment decisions. It can also be used to automate routine tasks, which can improve efficiency and reduce costs.
  • Collaborations and Partnerships: Trustees are increasingly collaborating with other financial institutions such as banks and investment firms to offer a wider range of services to their clients. They are also partnering with technology companies to develop innovative solutions that can improve their services.

NAICS Code 523991-14 - Trustees

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