BRAINTREE, Mass. — The type of member seeking trust services at Tremont Credit Union ranges from older couples with concerns about their estates should they have to face Alzheimer's disease to parents ensuring that spendthrift children won't abuse their inheritances.
The $167 million credit union is one of several that linked up with 1909 Financial Advisors LLC, an EasCorp wholly owned CUSO, and MEMBERS Trust Co. to offer trust and wealth management services to New England credit unions. The arrangement enables credit unions to implement trust services under a cooperative alliance with 1909 and share the start-up costs. MEMBERS Trust is used for back-office services, such as record keeping and reporting, development plans and fiduciary services.
Tremont's trust services program has been up and running for nine months and has approximately $6 million in assets under management, said Timothy Madigan, the MEMBERS Trust trust officer hired more than a year ago to serve Tremont members.
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