What is the elusive often misunderstood Trust. Wealth Management Topic
A trust is a contract that gives an individual or an institution—like U.S. Bank, for example—the authority to hold legal title to assets while managing them for the benefit of others. Trusts can help you ensure that your assets are distributed and managed according to your wishes. US BANK Rich Snippet
I would like to introduce you to Trusts and the history and also how they are used in Banking.
In the 12th century and middle ages of English Knights whom were about to go on crusade needed a safe place to keep their wealth and have it benefit someone else “IF” they were captured, tortured and placed into indentured servitude for the rest of their short lives. So wouldn’t make sense to have a place to have all your wealth act like a “Will” in a way? Of course. So they would go to the London Finance Center which is a little Banking Town inside of London the City and its sole purpose in this small finance town is to act as a separate entity to ensure personal Land, Assets, and wealth was taken care of and used in the correct manor under English Law. These stewards in Banking were often bound by law so nothing could ever separate the Beneficiary from the Assets.
The legal owner would hold the land for the benefit of the original owner, and would be compelled to convey it back to him when requested. The Crusader was the “beneficiary” and the acquaintance the “trustee”. The term “use of land” was coined, and in time developed into what we now know as a “trust”.
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The Beneficiary is the person who is entitled to the benefits and entitlements of the TRUST. Now with this said. Beneficiary’s do not “OWN” the TRUST. They are the Beneficiary of the Trust. Trustee’s are the legal stewards of the land or Assets. Often times Attorneys have their own Trusts being officers of the courts in United States.
Is a beneficiary an owner of a trust? In legal jargon, trust and will attorneys refer to Trust beneficiaries as the “equitable owners” of the Trust. Beneficiaries will receive money and other assets from the Trust either outright (meaning being paid all at once) or in smaller amounts over time, based on the provisions in the Trust document.
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So you would like to improve your negotiating and communication as a Business Entrepreneur? I got you covered. Read on
Be Choosy Who You Take Lessons From
Some Internet Guru’s will share this strategy, which instructs you to keep Emotion out of your Business Negotiations. But the truth is? We all know very well emotion drives many individuals conversations. With these suggestions, personal strategies, and books I am sharing. I can only hope you would Thank me one day for this information I am revealing here. After all I have been a Entrepreneur most of my life. And this knowledge has taken me a lifetime to acquire. So I do hope you appreciate the honest approach’s I use when communicating and Negotiating in business.
If you stop and really think about conversations with other humans. Every conversation with someone is likely a Negotiation of some sort. So what should your strategy be? Let’s take a example and expand on this thought. We first need to ask. “Should you be so detailed about sharing your wants that you get lost in the weeds?” Answer No. That isn’t likely to work whatsoever. However if you seek to understand the person your communicating with. You will likely land on the details, needs, and wants of the other person. And after you listen to their needs and wants. You should repeat this information back to them. And it’s very likely the person will love you for this. Gaining you trust and respect. This is much better than just talking with no strategy at all.
Seek To Understand Others
Seeking to understand always will be a smooth way to communicate empathy. Rather than talking with no direction or strategy. It seems appropriate to introduce a businessman and friend. He was generous enough to follow me on Twitter, then made me understand. I should always seek to understand people needs and wants as a strategy during Business negotiations. This will help you more than just talking with no direction. Most importantly implement the use of empathy. This good man’s name is Mr. Marcus Lemonis. Marcus is the CEO of Camping World. Has his own TV Shows on CNBC Networks. He runs his own Investment fund not to mention is fantastic to contact when needing direction. The one thing that makes Marcus wildly successful? Is his understanding that to be able to communicate effectively and efficiently.
Listen Intently
Honestly I have had issues in the past listening to others. So sure! I have forgotten to use my own lessons at times. But this lesson is critical for your success. You must listen intently to others. Listening allows you to seek to understand the other persons needs and wants. While being honest and collaborative. Marcus has always taught his people using manipulation tactics from Internet Gurus will be seen as unnatural and extremely manipulative. Be very careful who you accept your information from. In the current environment of internet marketing content. It’s best to take your lessons from a Man who has business credibility and a proven trust worthy track record. Marcus is one of several proven leaders I look to adopt lessons from.
Another Personal friend and Professional I must mention is US Army Major Chase Spears. Chase has his own Communications & Public Relations consultancy, is a writer and Warfighter. And as an Officer serving in the United States Army, Chase has shared with me personal lesson’s that no doubt helps individuals communicate more efficiently not to mention effectively. Be about serving those your speaking with. While being helpful to these professionals in your daily communications. It pays massive dividends.
Servant Leadership
Having the ability to be a rock solid leader and be known to demonstrate strength is all about being a servant and leader combined. Serve others needs and they will respect your availability. Another nugget of advice that does help during negotiations. Is being completely transparent, but firm. Never deviate from this. People do not respect a leader who is not firm. I know your probably concerned about others ability to be dishonest during negotiations. However there are ways of identifying if a persons negotiating behavior is being dishonest. To help you read this book here. Chris Voss “Never Split the Difference” . This has been my foundation for negotiating and communicating. Mr. Voss’s book & experience is world class. The lessons in Never Split the Difference, are simply invaluable to me.
Be Approachable
Be the man or woman everyone can call or personally approach if something your working on is not moving forward like you thought it would. Being known as the woman or man who can fix situations. Is a fantastic reputation to have. For example: If your team has been inundated with requests to keep your business plan moving and someone or a problem develops that could end your career? You must know how to competently be the guy or gal everyone looks to when problems need to be solved. Let’s be realistic for a moment. Most employee’s are scared to death of making the wrong decision. And honestly they go about their business and put the issue on the back burner. They would rather neglect the situation. Than face upper management and negotiate a plan of action to remedy the situation. Be approachable for your people and others during transactions. It pays massive dividends.
In conclusion summing up the all the little personal pointers on Earning a persons trust during a Negotiations. A. Choose carefully who you adopt your lessons and information from. It could boost your future success. B. Do be detailed when communicating with others. C. Repeat back to the individual their needs and wants will earn their trust faster and respect. D. Seek to understand them and their position. Once you have clearly demonstrated your willingness to understand. You immediately become more engaging. And it’s likely they will come to you in the future. Because you took the time to “LISTEN”.
Thank you for reading, if this article provided you with skills and information you found useful? Please be sure to share.
