3.6.9.3Vertical

Personal Trust & Fiduciary Services

Trust companies managing personal trust accounts and fiduciary duties.

Market snapshot

These figures describe Trust & Estate Services (3.6.9), the segment that Personal Trust & Fiduciary Services sits within. They are not figures for Personal Trust & Fiduciary Services on its own.

Market size
~$19B
Growth
~3.3%CAGR (2017–22, nominal)
Companies
~2,256 firms
Firms by employee count

89.9% of firms have fewer than 20 employees: 2,029 micro-businesses, below most mandates.

The investable universe227 firms with 20+ employees
20–99
11752%
100–499
4018%
500+
7031%

Corporate and personal trust companies and custodians administering estates, trusts, and fiduciary accounts. Revenue is fees on assets held and administered; the business is sticky, relationship- and compliance-heavy, and supported by the largest intergenerational wealth transfer in history. Independent trust companies (especially in favorable-statute states) and bank trust departments compete, and the segment increasingly bundles with wealth management.

NAICS 523991, 525920. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Fiduciary administration and custody fees

Key economics

Revenue per firm
$8,456,677
Revenue per employee
$462,089
Employees per firm
17.0
Recurring revenue
High

recurring fiduciary administration

EBITDA margin
20–30%
Capex intensity
Low

Characteristics

  • Scale-driven: payroll is only 22% of revenue, so the cost base is assets, not headcount
  • Moderate strategic-buyer pool: 70 firms exceed 500 employees, so a scaled asset has buyers, but not many
  • Recurring, relationship-driven fiduciary administration.
  • Supported by the great intergenerational wealth transfer.
  • Independent trust companies and bank trust departments compete.

NAICS 523991, 525920. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlabamaAlaskaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoVermontLouisianaRhode IslandArizonaCaliforniaNevada

Trust and estate administration over-indexes in Nevada, whose favorable trust statutes (directed and dynasty trusts) draw charter activity, with a secondary base in Arizona and California. This is a genuine industry home rather than a population effect.

NevadaArizonaCalifornia

U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 523991/525920. Concentration shown by location quotient.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Trust-company consolidators
  • Wealth-management platforms
  • Bank & fiduciary strategics

What’s driving deals

  • Bundling fiduciary services with wealth management.
  • Intergenerational wealth-transfer demand.
  • Consolidation of independent trust companies.

Find Personal Trust & Fiduciary Services acquisition targets

Search Acquisera’s index for companies classified under Personal Trust & Fiduciary Services (3.6.9.3) and build a targeted deal pipeline.

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