Conclusion: Let's Get Revolutionary

The financial industry in general is stacked against investors, but nowhere is the stack higher than in the trust business. This unfortunate situation wasn't designed-in by the industry, it was simply a byproduct—collateral damage, as it were—of the vast and accelerating consolidation in the banking industry.

But that doesn't mean that families are stuck with whatever the industry offers. Instead, there are many better solutions, from unbundling trust activities into what I've called open-architecture trusts, to using private trust companies, to finding those needle-in-a-haystack regional trust companies that offer best-in-class fiduciary services that are family friendly.

What families shouldn't do is settle for the status quo. Wealthy families of the world, unite!