New Trustee Services
Wispact and our Board of Directors have unanimously approved Capital First Trust Company and True Link Financial to provide our Trustee, accounting and investment services starting in January 2020.
Capital First and True Link share Wispact’s commitment to providing exceptional customer service and meeting the diverse financial needs of people with disabilities. Our partnership will provide improved and more personalized services to our beneficiaries in the coming year.
During our transition to a new trustee, beneficiaries should note:
- New Trustee services will begin on January 2, 2020.
- At any time, please contact your Beneficiary Specialist with inquiries about trust balances and other account information. Our new improved online portal will not be available until February.
- The Wispact trustee transition may impact your 2019 tax return. All beneficiary tax questions, and tax information received by a beneficiary, should be directed to the beneficiary’s tax professional to determine what information may need to be included on a beneficiary’s personal 1040 income tax return.
- Check the Quick Reference Sheet on how to do deposits, access your account online, and other information.
Wispact is looking forward to working with all our beneficiaries on this transition to improved services and a new trustee. If you have questions about your account, the transition, or anything else feel free to call our office.
Phone: 608-268-6006 Ext.201
New Trustee FAQs
1. Why was there an evaluation for a new Trustee?
Our Procurement Policy requires that Wispact examine and review our ongoing contracts every three years. After reviewing the current trustee’s ability to meet the organization’s needs, the Wispact Board of Directors and Executive Staff determined our beneficiaries and other stakeholders would be best served by vetting alternative trustee options available.
2. How will this affect the creation of Wispact Trusts?
With a Successor Trustee in place, there may be some changes to the subaccount creation procedure and policies. Wispact will continue to provide information as it becomes available regarding any such changes.
3. How will it affect current beneficiaries?
When the Successor Trustee’s contract is in place, there may be some changes to distribution procedures and policies. Wispact will continue to provide information as it becomes available regarding any such changes.
4. What are the tax implications?
The Wispact trustee transition may impact your 2019 tax return. All beneficiary tax questions, and tax information received by a beneficiary, should be directed to the beneficiary’s tax professional to determine what information may need to be included on a beneficiary’s personal 1040 income tax return.
5. What are the benefits to a new Trustee contract?
Wispact evaluated contract proposals with the goal of providing our Beneficiaries, Creating Attorneys, and greater Wispact community the highest quality of desired services which meet the highest percentage of needs at the best price possible. Wispact secured a contract, which provides a higher quality of service and provides specific improvements including but not limited to greater flexibility in accepting unique assets into trust. Wispact will continue to provide information as it becomes available regarding specific benefits resulting from a new Trustee contract.
6. Why are we being told about this now?
During the past year, Wispact has been dedicated to working with and communicating this change for our beneficiaries and greater community. We believe keeping you informed of any potential changes in and around our organization is key to being able to understand and meet your needs.
Special Edition Newsletters
Request for Proposal for Corporate Trustee to Wispact, Inc.
Earlier this year, as part of a larger quality assurance program, Wispact formed a Trustee Evaluation Committee (TEC). The Wispact TEC is composed of board members, external stakeholders and staff. Based upon numerous discussions, Trustee satisfaction surveys and staff input it was decided to issue a Request for Proposal (RFP) for trustee services. The objective is to implement a trustee evaluation process that maintains objectivity and best serves the needs of our beneficiaries and external stakeholders.
Request for Proposal (RFP) for Corporate Trustee to Wispact, Inc. – July 23, 2019
(Responses Due: 5:00 PM CDT / August 23, 2019)
Wispact, Inc. is not a registered investment adviser, registered stock broker or broker-dealer and does not offer investment advisory services, programs or products. Any investment questions should be directed to qualified licensed professional financial advisers.
Wispact Inc.pooled and community trust account fund allocations and investments are made by Chemical Bank. Chemical Bank has retained SEI Investments Management Corporation to assist in managing the assets of the fund. Wispact Inc. is not affiliated with Chemical Bank or SEI Investments Management Corporation.