Trust companies could offer services to a broad range of account types but are often focused on certain narrower account types so they can be efficient and profitable. We work with some trust companies that use omnibus custody structure and others that use individually registered custody accounts.

TNET provides reporting for clients, investment managers, the IRS and examiners.

Private fiduciaries typically use individually registered broker accounts, and build an automation to pull those transactions into TNET. The TNET statement can include a consolidation of broker activity as well as other assets owned by the trust, such as real estate, checking accounts and insurance policies.

IRA companies that use TNET are usually focusing on alternative assets, where they can charge a reasonable fee to handle more complex services than a broker would be willing to do.

TNET provides reporting for clients, the IRS and compliance custodians. The software includes a lot of specialty features and safeguards specific to IRA accounts.

Law offices that use TNET sometimes specialize in probate work, and sometimes are serving as a multi-family office. Custody is almost always with individually registered accounts.

TNET can import transactions from a daily data feed that comes from your custodian or broker, then produce an electronic reconciliation. Once the data is in the TNET database, it can be used for reporting to clients, courts and tax preparers.

Accounting firms that use TNET normally have a special purpose such as accounting for Indian Tribes or preparing probate accountings.

Special Needs Trust offices use TNET to write checks, account for fund balances, and prepare reporting for clients. Most special needs trust offices use a pooled fund approach with one or more pools, each account participating in only one fund.

TNET does the accounting for the pooled fund, writes checks, does bank reconciliation and prepares statements for clients.

Guardianship offices use TNET to write checks and do bank reconciliation.

TNET keeps accounting records for each client and prepares statements.

Family offices use TNET to keep accounting records for family members. Assets are typically held in individually registered broker accounts and sometimes in investment partnerships.

TNET handles the partnership accounting using a unitized valuation method, including nested partnerships, and prepares statements to consolidate multiple broker accounts and other assets.

Family offices that want software to prepare Balance Sheet and Income Statement reports in addition to a traditional trust statement use our TRUSTprocessor software.

American Indian Tribes typically use a series of pooled funds to manage the funds that are in trust for minor children of the tribe.TNET handles the accounting for the pooled funds and prepares statements for each child.

Over 65% of the TRUSTprocessor client base is foundations, and most of our new development will be optimized for foundations. The software includes modules for pooled funds, beneficiary checks, expense checks and spending plans. Accounts can also hold individual assets, either marketable or non-marketable. Common account types are investment agencies,CRUTs, CRATs, chartiable gift annuities, revocable trusts, estates and endowment accounts.

TRUSTprocessor prepares reporting for beneficiaries, board committees, auditors and the IRS.

Offices that start with TNET Lite BackOffice can apply 100% of their license investment to a later upgrade to the full TNET software as their firm grows. This makes it an easy choice to get started with budget-friendly software and a painless upgrade when the time is right.

Offices under $10 million under management or under 40 accounts qualify for TNET Lite BackOffice.