New Trustee Transition
To achieve our mission of improving the lives of people with disabilities through the management of special needs trusts, Wispact has undertaken a year-long review and evaluation of our Trustee and Trustee services available to pooled special needs trusts nationally. After thorough research and with input and feedback from beneficiaries, external stakeholders, and staff, the Wispact Board of Directors has unanimously approved True Link and Capital First to as the new provider for Wispact’s trustee services.
True Link Financial is a national leader in the administration of Special Needs Trusts, and it is their core mission is in providing financial services to individuals with disabilities.
Capital First is a respected Wisconsin-based trust company with the ability to manage assets and provide outstanding customer service, with direct communication to our Beneficiaries and stakeholders, as necessary.
We want our beneficiaries and attorneys to know:
- The new Trustee services will be in place January 1, 2020. Until the last day of the transition period, we expect to do business as usual.
- Wispact will be working with True Link/Capital First to expedite the transition between trustees and maximize the positive impact on our beneficiary experience.
- More detailed information will be coming in our next Wispact newsletter and current questions and answers can be found on this page.
Wispact’s guiding goal in selecting a new Trustee was to provide the best service infrastructure for our beneficiaries. We look forward to working with True Link/Capital First to build a culture of quality that benefits our internal and external stakeholders.
We welcome your support and have extended an opportunity for you to provide your input through dedicated communication channels listed below:
Phone: 608-268-6006 Ext.201
Trustee Transition 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?
Initially, there will be no impact to the creation of Wispact Trusts. When the Successor Trustee is 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?
When the Successor Trustee’s contract is in place, due to the structure of Wispact’s Pooled Trusts the transfer from one Trustee to another should have minimal financial impact. Wispact will continue to provide information as it becomes available regarding any such impacts.
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?
Although the new Trustee will be in place in January 2020, Wispact is dedicated to working with and 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.