Charles Gaziano is the Managing Director of Fiduciary Services and the CEO and Treasurer of Watch Point Trust Company. He is the founder of Nixon Peabody’s Fiduciary Outsourcing business, which provides trust services to other law firms and fiduciaries throughout the United States.
I manage Nixon Peabody’s Trust, Tax and Investment groups, which provide services to attorneys at the firm who act as individual fiduciaries. I oversee forty-two staff and professional specialists who provide services to these attorneys as well as ten outside institutions consisting of banks and other law firms. I also manage Watch Point Trust Company, a wholly owned subsidiary of Nixon Peabody, which provides fiduciary services to accounts for which attorneys in the firm are not the named trustee.
In 1986, I created Nixon Peabody’s trust consulting business and transitioned that business in 1995 into Nixon Peabody’s trust outsourcing business, which remains active today. During the past 29 years, we have grown our fiduciary services practice from $350 Million to in excess of $4 Billion.
I have been following the growing number of law firms that are seeking alternative forms of revenue other than legal services. One of the solutions being employed is the creation of fiduciary services departments within their organizations, where lawyers in the firms act as fiduciaries.