Reuben Rashty
With no live sports to enjoy for three months and counting, I’ve resorted to watching re-runs. (The state of Detroit sports teams being what it is, it’s actually been an improvement!) A very entertaining and time-consuming watch was the 10-part “The Last Dance” miniseries about Michael Jordan and the Chicago Bulls. Watching “The Last Dance” has re-opened my internal debate as to who is the GOAT (Greatest Of All Time): Michael or LeBron?
But this column provides insights and strategies for the reader’s legal practice. So for now, the question is how does the MJ vs. LeBron debate inform our thought-process when building the client’s trust team?
To analyze this question, let’s break it down into four categories: breadth of service, quality of service, versatility, and personality and leadership.
Breadth of Service
When surrounding the client with a trust team, the first step is find partners who can execute a broad range of services. There is so much in addition to trust administration that goes into delivering comprehensive service to the grantor and beneficiaries. The first draft pick should be an advisor who can quarterback the relationship and lead the entire team to provide a full range of services.
The next pick should be a corporate trustee who aligns with the advisor and their wealth management solutions such as investments, insurance, and planning, all the way to navigating and implementing the complex and wide-ranging services offered in the marketplace.
Michael Jordan was a scorer, defender, and the ultimate competitor. LeBron is a scorer and defender, and he’s also a passer and rebounder – skills for which MJ was not known. When it comes to breadth of service, LeBron gets the nod.
Best in Class Service
It’s one thing to have multiple tools at your disposal, and it’s another thing to be the best at what you do. When building a team it is crucial to find partners who will get the job done. The advisor and trustee must have stellar reputations and proven records of success.
The trustee should provide customized and personalized service tailored to the client’s individual needs, with the resources to provide legal and tax advice, and serve as the client’s fiduciary.
As said in “The Last Dance,” Michael was the “alpha among alphas.” He had the win at all costs attitude that made him a perennial champion. LeBron may be the better all-around player, but Michael’s competitiveness gives him this category.
Versatility
Not every trust company will be the best fit for each client. The advisor should be instrumental in selecting the corporate trustee, using an open architecture platform and having the ability to work with many trust companies. Shopping for a corporate trustee will keep costs down and allow for a strong fit.
Michael was incredibly successful, but only on one team, with one coach, and one system. The organization was built around #23. By comparison, LeBron has had success on three teams, with different coaches, and playing different positions. Further, other star players have switched teams to play with LeBron and they’ve taken pay cuts to do so. From the perspective of fitting well with others and in different systems, LeBron has been more versatile.
Personality and Philosophy
Lastly, the client’s trust team should be one cohesive unit with the same philosophy. Teammates needn’t be best friends, but the team should have a certain chemistry that strengthens their service.
Teammates should provide geographically localized services to meet a client’s needs. Just as the personal relationship should be seamless, so too should the technological relationship, such that the client sees themselves as working with one diversified and broad team.
Moreover, the personalities and client relationship should transcend the generations. The trustee should know the client and their beneficiaries, and work with the financial advisor to effectively and personally service the beneficiaries even after the client is gone.
Although Michael Jordan is the ultimate winner, “The Last Dance” made it evident that he is not a nice person, known to demean teammates and hold decades-long grudges. LeBron’s reputation is of a well-liked teammate, leader, husband, and father. He is liked by fans, the media, and is now emerging as a community leader. There is no question that LeBron has the superior personality.
The Last Word
When it comes to building a trust team, I’d rather have a trustee more like LeBron than Michael. LeBron is at the top of the game in nearly every category of service, and his constituents truly like him.
Nevertheless, even though LeBron is the more complete player and a better person, Michael is still the GOAT because of the unmatched killer instinct. Ok, so maybe basketball and trust administration aren’t the best comparison, but I hope this was informative and fun to read, too!
Want to talk to Reuben about this or other topics featured in The Economic Blueprint? Please email him at reuben.rashty@morganstanley.com or call him at 248-723-1843. You can also contact Reuben’s colleague Kyle Zwiren, J.D. at kyle.zwiren@morganstanley.com or 248-723-1870.
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Reuben Rashty is a managing director/financial advisor with the Wealth Management Division of Morgan Stanley in Bloomfield Hills, Michigan. The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and/or investments referenced may not be suitable for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its affiliates.
