NEW YORK — While trust services have been a mainstay for more than 100 years, the last 20 years have been a difficult period for profitability, according to a new report from Celent.

Increasing expenses, difficulty attracting talent and flat revenues are all combining to make the trust industry generally unprofitable with limited growth potential, according to “Trust Outsourcing: Assessing Profits and Opportunities in Investment Management and Operations Outsourcing.” Another factor that has contributed to stalled trust services’ growth is the inability to adapt to the changing needs and demands of investors.

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