TrustCore Financial Services is a fee-based firm located in Brentwood, Tennessee. It manages billions of dollars for its clients, most of whom are non-high-net-worth individuals. There are also high-net-worth clients, plus a small number of institutional clients, namely charitable organizations and corporations.
TrustCore’s services include financial planning, portfolio management, pension consulting, selection of other advisors and educational seminars and workshops.
TrustCore Financial Services Background
TrustCore was founded in 1982. It is a wholly-owned subsidiary of TrustCore, LLC, which also has two other subsidiaries -- a registered broker-dealer and an independent insurance agency. The principal equity holders of the parent company are Darryl Lynn Edmonds, Mikhael Winnie Jacobs and William Craig Reed.
TrustCore Financial Services Client Types and Minimum Account Sizes
Most of the clients at TrustCore are individuals not qualifying as high-net worth, though it does also work with some high-net-worth investors. The firm’s institutional clients are all charitable organizations or corporations.
The firm’s SEC documents do not list a minimum account size.
Services Offered by TrustCore Financial Services
The following services are offered at TrustCore:
- Financial planning
- Portfolio management
- Asset protection
- Cash flow planning
- Education planning
- Estate planning and wealth transfer
- Charitable planning
- Retirement planning
- Insurance planning
- Asset allocation comparisons
TrustCore Financial Services Investment Philosophy
Advisors at TrustCore use a mix of long-term and short-term purchases to build client portfolios, plus margin transactions and option writing. The firm takes into account multiple client factors when building investment portfolios. These include tax considerations, financial goals, risk tolerance, time horizon, income needs and more.
Fees Under TrustCore Financial Services
TrustCore charges one fee for financial planning, portfolio management and other services according to the following schedule:
|TrustCore Financial Services Fee Schedule|
|First $2,000,000||0.50% to 2.00%|
|Next $3,000,000||0.50% to 1.50%|
|Next $5,000,000||0.50% to 1.25%|
|Next $10,000,000||0.50% to 1.00%|
|Next $20,000,000||0.50% to 0.75%|
Some advisors may also earn commissions working as a broker-dealer or insurance agent. This is a conflict of interest, explained more below.
What to Watch Out For
There is one disclosure on the record at TrustCore. The firm was sanctioned by the SEC for having inadequate disclosures to clients regarding share classes. This resulted in a cease and desist, censure and disgorgement.
As mentioned above, the TrustCore has two sister firms -- a broker-dealer and an insurance company, and some advisors may also be registered as broker-dealer representatives or insurance agents, meaning they can earn commissions for selling clients insurance products or securities. This is a conflict of interest as the advisor may have financial incentive to encourage decisions that earn them higher commission even if it is not the best choice for the investor. Still, advisors at TrustCore are bound by fiduciary duty to act in the best interest of the client.
Opening an Account With TrustCore Financial Services
To open an account at TrustCore, you can call (615) 377-1177 or fill out the form on this page.
All information is accurate as of the writing of this article.
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