Argent Financial Group Combines Texas and Tennessee Trust Charters

  • February 7, 2018

Consolidation Offers Clients Access to More Beneficial Trust Laws

MEDIA RELEASE

Contact: Brooks Campany
Argent Financial Group, Inc.
bcampany@argenttrust.com
p:615.385.2345

NASHVILLE, Tenn., February 7, 2018Argent Financial Group announced today that the Tennessee Department of Financial Institutions (TDFI) has approved the consolidation of Argent’s Texas and Tennessee trust charters. By combining the charters into one Tennessee-domiciled charter, the company’s clients may benefit from Tennessee’s more advantageous trust laws.

A trust-based wealth management company, Argent Financial Group operates from 25 locations throughout 12 southeastern states and manages over $17 billion in client assets. The entire footprint includes Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.

With this combination, Argent Trust Company is now Tennessee’s largest state-chartered independent trust company, responsible for $12 billion in client assets. Argent Trust resulted from the acquisition of Investment Counsel & Trust Company, one of Tennessee’s earliest trust companies.  When Argent acquired ICT in late 2009, that firm served $75 million in client assets. Argent Trust’s growth has resulted from a combination of organic client growth and strategic transactions.

Tennessee is a friendly state to trusts because of its favorable tax laws and other asset protection legislation available to anyone in the U.S. as long as a qualified trustee is a resident of Tennessee or part of a Tennessee-based trust institution.

“The Tennessee trust charter consolidation shows Argent’s tireless pursuit of being an early adopter of advantageous industry changes for our clients,” said Ken Alderman, president of Argent Trust Company. “This change offers our clients outside of Tennessee the benefits available under Tennessee law.”

For example, Tennessee law follows the Prudent Investor Act, which allows fiduciaries like Argent to use modern portfolio theory to guide investment decisions, which can lead to higher returns. The Tennessee Uniform Trust Code allows many matters that required a court to resolve may be resolved by agreement among beneficiaries. The Tennessee Investment Services Act allows the trust creator to place assets in a self-settled or asset protection trust to protect those assets from future lawsuits or creditors. The Tennessee Community Property Trust Act benefits trusts owned by spouses as it provides for equal ownership of property and the sharing of appreciation and income. That Act also reduces capital gains tax implications after the death of one spouse.

“Tennessee legislators are at the forefront of updating state wealth management laws and have created a great environment for the administration of trusts that allows us to do the best job possible for our clients,” added Alderman. “We are excited about the many benefits our trust clients may receive.” 

About Argent Financial Group
Argent Financial Group, domiciled in Ruston, Louisiana, was formed in 1990 and traces its roots to 1930.  Responsible for more than $17 billion in client assets, Argent Financial Group provides individuals, families, institutions and businesses with a broad range of wealth management services including trust administration and related services, investment management, family office services, retirement plan and charitable organization administration, mineral (oil and gas) rights management, and financial, retirement and estate planning.  For more information, visit www.ArgentFinancial.com.