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Allen Trust Company Fifth
Anniversary Letter
Dear Friends, Clients, and
Colleagues of Allen Trust Company:
In 2006, we celebrate Allen
Trust Company’s fifth anniversary as a company. Five years ago, many
outsiders said it could not be done; they thought there was no way a
new local and independent company could stand toe-to-toe with the
big banks’ trust departments. Well, we proved the skeptics wrong,
and not only are we still going strong, we are exceeding
expectations.
We received approval to operate under a state charter on April 22nd
from the State of Oregon. Shortly after our Oregon approval, the
State of Washington issued a certificate of authority and granted us
reciprocity in Washington. While National Independent Trust Company
continues to provide back office services, Allen Trust is now able
to craft policies that are at once more strategic and precise,
allowing better risk management and flexibility. I also remain on
NITC’s Board, which affords continued collaboration in regulatory
and other aspects of running a trust-only bank.
This transition to a state charter has required that we garner a
local board of directors, and we are putting together a stellar team
of leaders.
We are pleased to announce that Cam Richardson has joined the board
as chairman of the audit committee. Cam is a retired attorney whose
practice with Stoel Rives emphasized estate and tax planning. He is
actively involved with many charitable and professional
organizations holding both committee and board positions.
Also joining the board and its audit committee is Vern Cameron. Vern
worked for 46 years in the investment industry, retiring from his
position as Vice President, Senior Portfolio Manager of the U.S.
Bank Trust Department in 2005. He continues his professional and
charitable affiliations with many organizations including the
National Association of Securities Dealers, La Salle High School and
others.
My wife Sarah, who is a shareholder, and real estate officer Ed
Hughes round out the board and I am the chair. Sarah’s principal
responsibility is the care of the Allen clan, but she still makes
time to share her talents with the Multnomah Library Foundation and
as a school volunteer. Ed brings over 35 years of trust and banking
experience to the company and is a member of the National Trust Real
Estate Managers Association and the Portland Building Owners and
Managers Association. We anticipate two additional board members,
subject to regulatory approval.
We have a lot to be proud of and are able to offer the latest in
services and technology. We now have a strategic partnership with TD
Ameritrade, which will serve as custodian for Allen Capital
Management. This will allow us to offer additional services to our
clients and give us flexibility in the solutions we offer.
We have updated both our website and marketing materials to reflect
our progression. We have also more than doubled our staff to
continue to provide excellent, responsive and accurate service. We
work well together and genuinely like and respect each other.
Community Involvement
We are becoming increasingly involved with our community. Tara
Hendison is a sought after speaker on probate and trust
administration and is on the operations committee and board of
directors of Albertina Kerr. Sharon Heth is on OHSU Foundation’s
planned giving advisory council and is an author and speaker on
fundamentals and new developments in planned giving. Bill Harris is
a member of the Chartered Financial Analyst Society of Portland and
serves on the board of the Portland Children’s Museum. Also, my
peers have recognized me with a two-year appointment as chair of the
Oregon Bankers Trust committee.
As you might expect, when we become involved with these
organizations, we also support them financially to assist them in
achieving their missions. The company and its employees are avid
supporters of local charities including Mercy Corps, Loaves &
Fishes, Catlin Gabel School, Dove Lewis, The Multnomah County
Library, United Cerebral Palsy, Rotary, The American Diabetes
Association, the Portland Children’s Museum, and Albertina Kerr,
among others.
Allen Capital Management
In 1999, Allen Capital Management was created to provide investors
with an independent, local alternative to the big Wall Street
sell-side firms and commissions-motivated broker-dealers. In 2001,
with the founding of Allen Trust Company, we moved all the asset
management activities under one umbrella so as to make a virtue of
simplicity and to maximize operational efficiency. With our growth
and success, however, have come more sophisticated processes and
deeper firm resources. Accordingly, we’re bringing back Allen
Capital Management to broaden our service options.
At Allen Trust Company, we continue to do our work, going about the
business of managing our clients’ affairs. Our best prospects come
to our firm the old-fashioned way: by direct referral from our
existing clients. This method has proven very successful. First and
foremost when clients send referrals, they are clearly communicating
to us we are meeting (and hopefully exceeding) their needs. Second,
client referrals allow us to spend more time with clients and their
concerns and less time on marketing. Third, and perhaps most
important, we understand that your credibility is on the line when
you refer someone to our firm. Be assured that we acknowledge the
trust you place in our company and are striving every day to
increase our service levels as well as our competency in a wide
range of areas. We will not let you down in this regard.
Please keep our firm in mind as you converse with individuals who
you feel might be a good fit. Our target market continues to be
defined as follows:
Client Profile
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Clients who appreciate the value of integrating one’s financial,
estate, tax, investment and philanthropic plans into one
holistic approach;
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Net
worth between $1 and $10 million;
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Investors who do not have the expertise and/or the time to
manage their financial affairs;
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Clients who want to work with individuals who have high
integrity and service quality standards;
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Investors who want someone they can trust;
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Investors who desire a fee-only and not commission-based
relationship and have no ties to a single investment platform.
On behalf of the Board of
Directors and our staff, I thank you for your continued support of
our firm. While a five year anniversary is a time of reflection and
celebration, please know that we come to work every day dedicated to
being the best at serving our clients and the community.
Very truly yours,
Stuart B. Allen, JD, CTFA
President and CEO
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