Before the rise of the Registered Investment Adviser (ca. 1970), before the ascendency of the no-load mutual fund (ca. 1980) … heck, even well before the pre-eminence of the portfolio manager, there was … the trust document.

Coming to full prominence in the 19th century, the trust document was a well-crafted series of instructions enabling the trustee to flawlessly cater to the needs of the beneficiary.

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