Nancy Anderson Executive Q&A
Why did you join Calamos Wealth Management?
Family and tradition are important to me and my clients. Calamos Wealth Management is built on the commitment of its founder, John P. Calamos, Sr., to genuinely help families—to grow, protect and distribute their wealth.
Coming to work at Calamos allows me to be part of a team dedicated to offer holistic advice to clients. We have the service breadth of a large organization with the values and service commitment of a boutique.
What is Calamos Private Trust?
Calamos Private Trust was created at the request of our clients, as an additional way to serve as family fiduciaries — for the current generation and beyond.
It is a “directed trust” model, which enables families to continue working with their familiar and trusted wealth management team, including as the generations pass. This allows much greater sensitivity to family dynamics. Critically important is our ability to provide clients with asset protection through South Dakota perpetual trusts.
Both these key points are made possible by virtue of Calamos Private Trust’s structure as a Trust Representative Office of National Advisors Trust Company (NATC), an independent trust company with a national charter. Calamos Private Trust delivers a full range of trust and trustee services in partnership with NATC, with administrative trust services provided by NATC.
How do you see trusts evolving now?
Including a trustee role, as part of a comprehensive financial plan, has become increasingly valuable to families as they plan for and respond to life events, including marriages, divorces, asset protection, illnesses, tax planning, estate planning and more. Clients and beneficiaries see this value in the use of trusts.
This is entirely different from the old-fashioned stereotype of a trust recipient going to a trustee to ask for money. Now, corporate trustees increasingly serve in beneficiary-friendly ways, sometimes with greater flexibility to attend to shifting family dynamics—but always in accordance with the objectives and values defined by the trust grantor.
In the past, irrevocable trusts could not be modified. Today, estate planners can use tools to modify an irrevocable trust. For example, trust documents can appoint a trust protector with powers to modify or amend the trust when it becomes irrevocable to achieve favorable tax status. Another possibility may be court modification as a result of changed circumstances. In some cases, changes are possible without court involvement, through non-judicial settlement agreements, as long as no material purpose of the trust will be violated.
Another means of modifying is “decanting” a trust into a new trust that may be set up purely to receive funds from the old trust. And the new trust will carry new terms. Twenty-seven states have enacted statutes to permit decanting. The specific statutory provisions vary from state to state.
What’s your preferred working relationship with clients?
Everything starts with an open dialogue—a friendly conversation about the client’s family history, their experience with wealth, their lifestyle. Then, we discuss short- and long-term goals and priorities for use of their wealth. With that context established, we go on to create a meaningful wealth transfer plan, outlining people and organizations who will benefit (and not benefit) from the wealth created.
One very important step for us is to help clients define values, create a family mission statement and formalize their philanthropic gifting by involving their children. Annual family meetings have been effective tools to ensure family values are communicated.
If you could communicate just three key points, what would they be?
First, that understanding a family’s history and family dynamics is absolutely critical for long-term success.
Second, that open communication within the family and its external family advisors—not only wealth managers but also attorneys and CPAs—must be inclusive and maintained over time.
Third, that a wealth plan is important to document clients’ goals— but, ultimately, implementation of our recommendations is critical to achieve their goals. Planning for the transfer of wealth should be proactive with a focus on values, philanthropy, education, family and the legacy clients wish to leave.
Calamos Private Trust is a Trust Representative Office of National Advisors Trust Company; a federally chartered and regulated by the Office of the Comptroller of the Currency (OCC), a bureau of the U.S. Treasury Department, and is authorized to do business in all 50 states. It is a member of the Federal Deposit Insurance Corporation (FDIC). By law, client assets are segregated from the capital assets of National Advisors Trust and are not subject to potential creditor claims against the trust company. As an independent trust company created by the client's trust advisor, the trust company's primary responsibility is to ensure the safekeeping of investment needs.
Investment and Wealth Strategy services are provided through Calamos Wealth Management LLC. Calamos Wealth Management LLC is neither a law firm nor a certified public accounting firm and no portion of the content should be construed as legal or accounting advice. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Calamos Wealth Management LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. If you are a Calamos Wealth Management LLC client, please remember to contact Calamos Wealth Management LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. A copy of the Calamos Wealth Management LLC’s current written disclosure statement discussing our advisory services and fees is available upon request.