Florida Banking November 2021

T he oldest division of the Florida Bankers Association, the Trust & Wealth Management Division was created in 1934 and sees to the specialized needs of banks with trust departments and stand-alone trust companies. The Trust Executive Committee governs this division, overseeing Trust School, the annual Trust & Wealth Management Conference, and other educational seminars and programs sponsored by the division. The committee is made up of experienced trust and wealth management professionals who represent the Division and work alongside the FBA to advance legislation for the trust industry. Leading the Trust Executive Committee is Chair Kelly Caldwell, president and CEO of Caldwell Trust Company. He follows Immediate Past Chair Bill Moor of Capital City Trust Company and has served the first year of his two-year term. Caldwell believes that the TEC is the “eyes and ears for the trust industry” in the state of Florida. His goal

“We want to take away the stigma of being scared of crypto, and start to embrace it as something that can be managed… and to figure out strategies to do that safely,” Pratt said. Pratt works closely with the FBA trust legislative committee and its incoming Chair Carlos Batlle, managing director at JPMorgan Chase, to review proposals and advance legislation that will be beneficial to the industry. “My role is to help our trust bankers get the tools that they need to serve their clients, and our team does what we can to move government out of the way and allow bankers to serve their clients efficiently and creatively,” Pratt said. The FBA invites the input of its member banks to better understand the key challenges and issues they’re facing. At the recent Trust & Wealth Management Conference, the FBA invited Florida trust CEOs from around the state to attend its inaugural CEO Roundtable Discussion and Dinner. This was a

unique opportunity to sit down together and discuss the issues impacting the industry, with the ear of FBA President and CEO Alex Sanchez, who also gave an exclusive Washington briefing. “If there’s one meeting trust bankers need to attend in the state of Florida, this is the meeting. This is your chance to have the FBA totally focused on you and our industry,” Caldwell said. Caldwell and Sanchez went table to table, speaking personally with every attendee. “This was a great discussion about the importance of what

as Chair is to build relationships with trust bankers across the state, promoting collaboration when it comes to representing and advocating for the industry. “I’m hoping that we can grow our participation and involvement by the senior trust people in the state of Florida, because the FBA needs the support of decision-makers in order to be successful in what it does,” Caldwell said. “While we’re friendly competitors, I want to make sure we’re staunch allies in collaborating to protect our industry.” Caldwell wants the state of

“ CRYPTO IS NOT A FAD; IT’S HERE, AND IT’S MORE PREVALENT THAN YOU CAN IMAGINE... THEREFORE, WE'D BETTER KNOW WHAT THE RULES ARE. ”

- KELLY CALDWELL

trust bankers do to help Floridians manage their savings and their wealth. The trust, private banking, and wealth management division of the FBA plays a vital role in our industry,” said Sanchez. “I appreciate everyone who is active in the division, and particularly the leadership of our trust division chairman. Kelly Caldwell is someone who has given back to our industry, and he did a fantastic job leading our discussion at the recent dinner.” “Kelly has a vision for a united trust industry, and he has spent a lot of time, energy, and his own resources to encourage members to get involved,” Pratt said. “He’s helped drive innovative educational components, he’s helped drive legislation, and he’s been here in Tallahassee to walk the halls and thank our legislators.” Caldwell is also an advocate for educating the public about what it means to be a professional fiduciary, and believes the TEC can play a role. He has noted a shift in the industry as more people go online for investment

Florida to be a leader in the trust industry, helping shape new legislation for emerging technologies like cryptocurrency and electronic wills and notaries. “Crypto is not a fad; it’s here, and it’s more prevalent than you can imagine. We’re going to have to deal with it, and therefore, we’d better know what the rules are,” Caldwell said. “Hopefully we have rules that help us do our job, as opposed to ones that hurt us.” The rules are being written into existence today. Owing to the complex nature of trust banking, members of the trust division benefit from the attention of a dedicated lobbyist on the FBA Government Relations team. Cryptocurrency is uncharted territory. FBA Senior Vice President of Government Affairs Kenneth Pratt described the challenges regulators face in outlining appropriate measures for managing assets like cryptocurrency, calling it a “moving target” as the value fluctuates constantly. He expects there will be more guidance from regulators in the near future.

FBA's Trust and Wealth, Continued on page 10

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