Charlene Julian oversees trust and wealth management services, which include estate planning, investment management, retirement planning and fiduciary solutions, for Farmers & Merchants Bank of Stuttgart.
Julian earned a Bachelor of Arts degree at the University of Arkansas and a Juris Doctor degree at the University of Arkansas at Little Rock William H. Bowen School of Law.
What do you see as the biggest changes coming to the wealth management sector over the coming 5-10 years?
There will be incredible opportunities for wealth management services. The largest transition of wealth in America will happen in the next several decades — primarily going to those who had no part in earning it. Technology advances will offer better tools to assist in analyzing, researching and modeling. While the demand for these services will expand — and with it many new players — there will be no substitute for getting to know the clients and using a disciplined approach.
Anecdotally, we’ve seen what feels like an uptick in litigation over the administration of trusts. What are the most important steps to avoiding trust disputes?
Clear and open communication is key. We must also always act as a fiduciary and in the best interests of the client. And we must ensure accurate documentation.
What advice would you give someone starting a career in wealth management?
Take the time and interest to really get to know your clients and their families.
What are the biggest mistakes high-net-worth individuals and families make when it comes to financial planning?
The biggest mistakes I see are waiting to start the planning process, and then not keeping the plan current as life happens.
What are the advantages or disadvantages of seeking wealth management services at a bank versus a standalone wealth management firm?
Using the highest level of financial services at the bank with which you as a customer have developed a relationship and trust for all your financial needs affords reliability, satisfaction and convenience.
What are some current issues or concerns facing the trust management sector?
Requiring professionally trained, skilled and experienced staff to administer and serve is challenging because of the commitment and time required to earn this expertise, and there is a current staffing shortage. Having a succession plan in place for the future is essential. In order to be able to deliver exceptional personal service, there’s a need to plan for it and create a flexible environment.
How have you grown trust and wealth management services since you took your position last year?
We have grown by taking a multi-faceted approach to helping people, families, businesses and organizations achieve a successful plan for their financial and legacy wealth future. We have also grown organically through existing clients and beneficiaries who recommend our services to their friends, neighbors, co- workers and family members. Trained bank employees, who understand our services and how a plan can truly help avoid unintended consequences and achieve goals in the future, recognize opportunities to talk with customers about our services and make an introduction. We also offer educational opportunities in the communities we serve.