Most people don't think of the trust industry as being part of a modern-day gold rush. But it must be. Why else would virtually every type of financial institution — from independent trust companies and banks to brokerage houses — put such huge efforts into luring the ultra-affluent clients who used to be the private property of trust banks.
They're invading each others' turf with a variety of strategies. “Everybody, every bank, every trust company, every broker-dealer, has decided th