Private Trust Company Na

Our mother was persuaded to move a family trust (a Credit Shelter Trust) to Private Trust Company, N.A. by Michael McCranie of Fernandina Beach Florida. Michael McCranie is the owner of the Chandlery Group which is associated with the brokerage firm LPL. Private Trust Company N.A., located in Cleveland Ohio, is a subsidiary of LPL. Our mom is close to 80 years of age. She moved the trust without discussing the move with other family members. She tells her children she was explicitly promised there would be no change in fees. Once Private Trust Company N.A. delegated investment authority to the adviser, Michael McCranie, he converted the majority of assets to commission based variable annuities. These investments would not have been allowed by the former trustee, it would have been a violation of their fee policy. The commission based investments had the effect of multiplying the fees applied to assets several times over. While Mr. McCranie managed the trust assets he bought produ... Read more