In a financial services landscape increasingly dominated by automation and call centers, Prairie Trust® stands out as a refreshing alternative for advisors seeking a trust partner that values personal relationships and flexibility. The Wisconsin-based trust company, a division of Waukesha State Bank, has built its reputation on providing dedicated human administrators for each trust relationship and embracing complex cases that other trustees might avoid.
In an interview with The Wealth Advisor’s Scott Martin, Terry Doyle, Vice President and Director of Fiduciary Sales at Prairie Trust, discussed how the company’s hands-on approach to service and willingness to handle challenging assets sets them apart in the advisor-friendly trust space.
Personal Service in an Age of Automation
Prairie Trust distinguishes itself through its commitment to personal service, eschewing the arm’s-length approach that has become common in the industry.
“We still do things the old-fashioned way, in a good way. This isn’t a 1-800 trust shop,” Doyle says. “We’re small enough that we can provide personal service.” Each client receives a dedicated administrator who becomes the primary point of contact for both the beneficiary and the advisor team, creating consistency and familiarity throughout the relationship.
The dedicated administrator model ensures continuity and relationship building, with each administrator supported by an assistant and specialized resources when needed. For financial advisors who have built their business on relationships, having a trust partner that shares those values creates alignment among all parties involved in serving the client.
The personal touch extends to the company’s approach to nonstandard assets as well. Unlike many trustees that shy away from complexities, Prairie Trust embraces them.
Welcoming Complex Assets and Estate Settlements
Many trust companies often limit themselves to liquid financial assets, creating headaches for advisors whose clients have diverse holdings. Prairie Trust offers a different solution, willingly handling assets that other trustees might refuse.
Prairie Trust readily accepts real estate within trusts, with dedicated staff to manage property-related matters. The firm also accommodates closely held business interests and other nontraditional assets that many trust companies might avoid, evaluating each situation individually to determine feasibility.
The company’s willingness to handle complex estate settlements further differentiates it from competitors. Many trust companies might decline estate settlements viewed as too labor-intensive, leaving advisors in a difficult position when clients pass away.
Prairie Trust is dedicated to excellence in handling challenging estate settlements, including those involving properties across multiple states and international holdings—such as a remote Canadian cabin accessible only by seaplane that the company successfully managed and sold as part of an estate, Doyle notes. The company’s comfort with complexity has helped it build relationships with advisors nationwide who first approach them with exacting cases and then remain for more standard situations as well.
For advisors, working with a trust company willing to handle complex assets and estate settlements means being able to service a broader range of clients without having to refer them elsewhere when trust needs arise.
Flexibility in Trust Administration
Another key differentiator for Prairie Trust is its open approach to trust administration, avoiding the cookie-cutter mentality that seems to have taken hold at many larger institutions.
“What we’ve been hearing from advisors across the country is their difficulty in finding an advisor-friendly trust company that has a degree of flexibility in trust administration,” Doyle notes. “Trusts are not something that you can turn into an assembly line because each trust document is unique. Each family situation is unique. Family dynamics can be unique.”
The Wisconsin Trust Code provides Prairie Trust with a strong foundation for its service adaptability. The code, which was updated in 2014 and again in 2024, offers Wisconsin potential advantages comparable to more well-publicized trust jurisdictions. The company’s connection to the Wisconsin Trust Code runs deep—Chief Fiduciary Officer and President Victor Schultz led the team that rewrote the code, giving Prairie Trust unparalleled insight into trust law application.
Financial advisors can offer clients more personalized solutions through Prairie Trust’s flexibility, adapting trust administration strategies to address specific family circumstances and unique document provisions rather than offering clients standardized approaches that might not serve their needs.
Advisor-Friendly Investment Approaches
Prairie Trust accommodates both directed and delegated trust arrangements, giving advisors options in how they structure their investment relationships.
With directed trusts, Prairie Trust focuses exclusively on administrative responsibilities while advisors maintain complete investment control. The clean division of duties allows each party to focus on its area of expertise without interference, seeking to create a streamlined experience for clients. “We kind of stay out of each other’s way,” Doyle explains.
For delegated trusts, where the trustee hires the investment advisor, Prairie Trust takes a hands-off approach to fulfilling its fiduciary responsibilities. The process begins with the advisor creating an investment policy statement tailored to the trust’s objectives, and Prairie Trust conducts annual reviews to ensure compliance.
Doyle emphasizes that their oversight is light-touch: “It isn’t a situation where we would question every trade they made, every investment they made, every change they made. But our due diligence requires us to make sure that things are following the agreed-upon investment policy statement.”
The company prefers to work with directed trusts when possible, as they’re more cost-effective for clients and involve less risk for the trustee, but they’re equally comfortable with delegated arrangements. Having both options available ensures advisors can accommodate trusts with different structural requirements.
Special Needs Trust Expertise
While many corporate trustees avoid special needs trusts owing to their complexity and compliance requirements, Prairie Trust has developed specialized expertise in special needs trust administration.
“We have a couple of administrators who work almost exclusively on special needs trusts,” Doyle shares. Many corporate trustees avoid special needs trusts out of concern that improper distributions could jeopardize a beneficiary’s public benefits, creating potential liability. Prairie Trust has a different mindset: “We think the approach is to just do it the right way,” he says.
The company invests in ongoing education to keep its administrators in this field current on regulations and best practices. “There’s an annual conference at Stetson University in Florida where they bring in people from government agencies. They bring in a number of elder law attorneys to talk about some of the new developments,” Doyle explains.
For advisors with clients who have family members with special needs, having a trust partner with dedicated expertise in special needs trusts may eliminate a common planning obstacle and allow for more comprehensive family financial planning.
Finding Ways to Say Yes
Prairie Trust approaches new business opportunities with a problem-solving perspective that focuses on finding solutions rather than reasons to decline.
“We try to find ways to say yes instead of no,” Doyle states. “Even if they have a situation that seems a little off the beaten path, I tell people, ‘If you can get us a copy of the trust document, a list of assets, we’ve got a good starting point.’ Once I’ve got that, we will try to find a way to make it work.”
This solution-oriented approach encompasses trust modification when necessary. While many trustees may treat irrevocable trusts as completely unchangeable, Prairie Trust leverages modern trust law remedies to adapt outdated trust provisions when appropriate.
“People think, well, that means it can’t be changed,” Doyle says of irrevocable trusts. “The reality is, with the Uniform Trust Code, there are ways of changing it.” The company utilizes several strategies to update irrevocable trusts when appropriate, including nonjudicial settlement agreements and decanting—a process of transferring assets from an existing trust to a new trust with more favorable terms, provided the change doesn’t disadvantage beneficiaries.
Partnering with Prairie Trust may offer advisors creative solutions to challenging trust situations, rather than being limited by rigid interpretations that might not serve the settlor’s original intentions in a changing environment.
The Institutional Advantage Without the Institutional Mindset
As part of Waukesha State Bank, a community bank founded in 1944, Prairie Trust combines financial stability with a boutique service approach.
“Our parent company has never had a quarter in its existence where they’ve lost money. Plenty of working capital, very well capitalized, and they’re very supportive of what we do,” Doyle notes.
Prairie Trust has grown significantly over the past decade, particularly in the advisor-focused business segment. With five dedicated administrators and plans to add more, they’re expanding carefully to maintain their service standards while accommodating growth.
For advisors looking for a trust partner, Prairie Trust offers a combination of institutional strength and personalized service—providing the security of a well-capitalized institution without sacrificing the flexibility and relationship focus that advisors value.
In a trust services landscape increasingly defined by automation and standardization, Prairie Trust aims to demonstrate that the human touch, combined with problem-solving flexibility and specialized expertise, may create a superior experience for both advisors and their clients.
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