Benefits of DARCI Trust Registration for Financial Institutions
Trust registration on the Document and Agency Registry and Clearinghouse by Illuminote (“DARCI”) provides many benefits to both financial professionals and their clients.
Efficiency in Administration
The manual process of receiving, reviewing, and interpreting paper legal documents (trusts) is inefficient, ineffective, and dangerous. By utilizing DARCI, any firm can now quickly and accurately determine the authentic trust instrument, and who holds the rights and powers associated with it, thereby eliminating errors and saving operational time and money.
Less Exposure to Liability for the Financial Institution
The manual review process leaves a custodian exposed to human error and fraud. Utilizing DARCI as a third-party administrator allows frontline employees to quickly ascertain the authenticity and current trusteeship.
Better Client Relations
The clients of custodians are wealth managers. Their clientele expects everything about their advisor’s operation to be well-oiled and fine-tuned. Deficiencies in paperwork can cause delays, which inspire anxiety, stress, and frustration on the part of the client. By using DARCI, a firm can quickly and efficiently be assured of who is the proper trustee in any given moment.
Less Trust Litigation for Advisory Clients
Trust litigation, whether it be litigation over control during a client’s life or distributions after a client’s death, costs millions of dollars in legal expenses and ruins families. Trust registration on DARCI can eliminate 75% of these types of cases and mitigate the other 25%. Using DARCI means a firm can assure their clients that their legacy wishes will be honored.
