Frequently Asked Questions
Will your professional staff work with my legal counsel in putting together an estate plan for my family and me in which Smithfield is named as a fiduciary?
Yes. While we do not draft documents internally, we will work with your legal counsel on this for no fee.
Does Smithfield manage funds for individuals or endowments where there is no trust?
Yes. About half of our accounts are simply investment management accounts.
I like Smithfield’s business model and emphasis on personal service, but what happens if I name Smithfield as a trustee of an irrevocable trust and Smithfield changes that business model and emphasis?
We encourage your lawyer to put a portability clause in the trust instrument allowing the trust beneficiaries to fire us. Moreover, it is our policy to resign as a fiduciary if asked to do so by the beneficiaries, although we rarely encounter such a situation.
Will Smithfield act as a trustee of a trust with a situs in a state other than Pennsylvania?
No. However, it is relatively easy for a non-resident of Pennsylvania to establish a trust here, and that trust may have the added benefit of avoiding state income tax in the settlor’s domicile and Pennsylvania.
Would you consider using an investment manager of my choice to manage funds in a trust at Smithfield?
Yes, under appropriate circumstances.
How does Smithfield charge for its services? What differentiates Smithfield’s way of charging fees from that of its competitors?
We are totally transparent and have an account level fee with no second, or hidden, fee such as those embedded in a mutual fund’s expense ratio. We pay our third party equity managers out of our pocket – not yours.