SAN FRANCISCO--(PENSCO Trust Company, an alternative asset custodian that simplifies the administration of complex investments, today announced a new program to help individual investors and financial advisors whose bank or brokerage will no longer hold alternative assets in their retirement account.)--
“Investors and advisors need to take immediate action if they receive an alternative asset resignation notice from their institution.”
“PENSCO today launched a nationwide campaign to help investors and advisors smartly manage the transfer of alternative assets and avoid a potential taxable event,” said PENSCO CEO Kelly Rodriques. “Investors and advisors need to take immediate action if they receive an alternative asset resignation notice from their institution.”
Across the country, tens of thousands of individual investors and their advisors have started receiving letters from financial institutions, giving them 60 days to find another institution to hold direct alternative assets, such as real property, private equity, and secured notes.
State and federal regulators want institutions to resign alternative investment accounts because the assets are often illiquid, difficult to value and require complex tax and regulatory compliance.
To help investors and advisors, PENSCO is offering the following:
- Top 10 Tips investors and advisors need to know about account resignations
- A webinar on Thurs., Oct. 18: “What To Do If Your Institution Resigns Your Alternative Asset Retirement Account.” To register, go to www.pensco.com/webinar-registration.
- Phone support for individual investors or advisors interested in opening and account or transferring asset is available at 855.872.7540.
PENSCO also provides financial institutions with a turnkey solution to remediate hundreds or thousands of alternative asset accounts at one time. PENSCO SuccessorCustodian™ offers institutions a single, proven solution to rapidly and smoothly transfer entire classes of alternative assets to PENSCO. SuccessorCustodian simplifies the resignation process through state-of-the-art workflow management and electronic document processing.
For more information about PENSCO SuccessorCustodian, contact Harry Schlough, 415.395.5777, email@example.com.
PENSCO Trust Company is the nation’s most sophisticated alternative asset custodian, providing financial institutions, individual investors and financial advisors with comprehensive solutions delivered with outstanding service. A regulated banking company founded 22 years ago, PENSCO has more than $10 billion in assets under custody and more than 55,000 clients. Visit www.pensco.com or call 415.274.5600 for more information.