Readers Choice 2019

By The Trust Company on May 15, 2019

Readers Choice 2019
Once again, we thank Manhattan Mercury readers for selecting The Trust Company as the number one investment company in Manhattan. We are truly honored to receive your endorsement.

For the benefit of those who are unfamiliar with what we do, in the simplest of terms, we manage other people’s money. Our clients include individuals, families, businesses, and nonprofits. We manage investment portfolios, provide comprehensive financial planning, and administer employee retirement plans for small businesses. We can help with foundation and nonprofit management, charitable gift planning, and more. And, yes, as an independent trust company, a portion of our business is focused on administering trusts.

As a trust company, we are beholden to a legal standard of ethics known as the “Fiduciary Duty”. It sets a higher bar than the “suitability standard” that applies to most other investment managers and financial advisors. The suitability standard means that investment recommendations are deemed appropriate if they simply meet the client’s needs. At The Trust Company, we don’t think that’s good enough.

The duties of a Fiduciary include:

  • Duty of Loyalty:  Act solely in the interest of the client.
  • Duty of Good Faith: Act with conscious regard for Fiduciary responsibility.
  • Duty of Confidentiality: Protect clients’ personal information.
  • Duty of Prudence: Act with a high degree of care, skill and caution on behalf of clients.
  • Duty of Disclosure: Act with complete candor toward the client.

Mark Knackendoffel, founder, president and CEO of The Trust Company, recognized early in his career that clients’ interests were best served within a Fiduciary relationship. That’s why the Fiduciary duty is not simply a requirement of our business model, but an integral part of The Trust Company’s culture of helping people. Mark has said,

The Trust Company
“I love the feeling of solving people’s problems, often in difficult or trying times. I had gone to law school and was clerking for a law firm in Lawrence, in the trust administration, tax and estate planning area. I was offered a part-time job with a bank trust department while I was still in school, and the rest is history. I worked for three different bank trust departments, and now, The Trust Company for the last 26 years.

“On many occasions, we get involved when there’s some kind of tragedy or life-changing moment that, very often, our clients are unprepared for — such as the death of a parent. The fact that we can provide good answers and solutions, and also keep clients focused on what they’re trying to accomplish, is what makes our work satisfying.”

We are proud to be a part of this great community, and again thank Manhattan Mercury readers for your confidence in us.  We’re in this business “to preserve and enhance your peace of mind” and we plan to continue doing that as an independent trust company for many years to come.