CNB Custody, a division of Community National Bank, is now able to custody alternative assets in non-qualified accounts.
“The current market is showing a strong demand for custody of alternative assets in non-qualified accounts,” said Brian Sells, executive vice president of CNB Custody. “This has presented an opportunity for CNB to expand our service offerings to meet the needs of financial advisors in today’s market.”
“Using a custodian for non-qualified accounts allows for a combined statement, consolidated tax reporting, an account for dividends to be directed to, and one place to call for questions regarding all investments within the account. For reps who work with fee-based accounts, this allows all investments to be combined into one account for easy fee calculation and payment of advisory fees,” the company said.
Community National Bank began specializing IRA custody of alternative investments in 1985 and has more than 40,000 accounts and more than $3 billion in assets under custody.