1200
627
Insights
310
310
Read it in 5 minutes
Trust and corporate services professionals face an important decision when plotting their career trajectory in the U.S. — whether to pursue opportunities at the major institutions on Wall Street or focus on boutique independently owned firms.
Both options have distinct advantages and disadvantages.
Of course, the optimal choice depends on individual priorities and career aspirations. In this article, William Hurlock, Associate Director at Victus Search explores the key considerations to help professionals make an informed decision.
Compensation structures can differ significantly between large institutions and boutique firms. Established companies like Bank of America, Deutsche Bank or Citigroup typically offer higher base salaries with bonus schemes being tightly defined. However, at the smaller independents, while the base salary offer may be lower, it’s common to find more lucrative bonus opportunities, frequently uncapped, which can significantly enhance overall earnings.
For trust professionals prioritising financial security, the more predictable compensation package of a large bank offers stability. On the other hand, those with a higher risk tolerance and a desire for potentially greater financial rewards might be better advised to look for the highly performance-related packages more common at boutiques.
The scope of roles can also vary widely between the two types of firms — although it’s important to state there’s a certain degree of crossover. For the most part though, leaner teams mean that boutiques often offer a more well-rounded experience, requiring trust and corporate service professionals to develop expertise across multiple areas. The resulting breadth of experience can be invaluable for career development, opening up multiple paths for progression.
Conversely, roles within larger institutions tend to be more specialised, allowing individuals to develop deep expertise in a specific niche. This focused approach can be attractive to those trust professionals seeking to become subject matter experts and progress their careers within a tightly defined discipline.
Depending on the stage you’re at in your career, location can be a deciding factor in terms of the path you pursue. If you’re looking to join one of the major global firms, you’re most likely heading to New York — or key financial centres like Chicago or San Francisco. While that can be a high-pressure environment, it also comes with a wealth of networking opportunities and options to move between firms without uprooting your whole life.
On the other hand, opting for a smaller firm can give you more flexibility in where you settle, with boutiques operating across the majority of the U.S. We’ve worked with a number of trust professionals recently who’ve built their early careers in New York, but then made a move to smaller firms out of emerging centres in FL, TX, WA or NC as family and quality of life considerations become a bigger driver for them.
The level of autonomy and decision-making power also differs significantly depending on the size and organisational structure of a firm. In larger firms, trust and corporate service trust professionals often operate within a hierarchical environment with significant oversight. Adherence to established policies and procedures is more likely to be mandated due to regulatory and auditing requirements — which can limit individual autonomy in decision-making and service delivery.
Boutique firms, with their flatter management structures — and often more entrepreneurial cultures — tend to offer greater scope for independent decision-making and delegated authority. This can be particularly appealing to professionals who value flexibility — allowing them to implement new ideas and customise how they service clients.
Visibility within the organisation and the level of client engagement also vary. In boutiques, trust professionals often have more opportunities for direct interaction with senior leadership, gaining valuable exposure and informal mentorship. The smaller, more agile teams characteristic of boutique firms also typically allow for more direct client engagement, allowing individuals to build stronger relationships and develop their client management skills, even at junior levels.
At larger firms you’ll find more structured training and mentoring programmes — but the sheer size of the organisation can limit direct interaction with senior management. That said, for professionals looking to specialise in a specific area of trusts or corporate services, the professional development and certification opportunities available at these companies — and the funding available — can be invaluable in building your skill set.
When choosing your next role, it’s important to look to the future — as well as the present. At larger institutions, you’ll typically find more structured promotion opportunities — with clearly defined career ladders. In contrast, career growth within boutiques can be more dynamic, with roles often evolving alongside the firm’s expansion. While less predictable, this can lead to unique opportunities and accelerated career development.
And as we’ve mentioned, boutiques also provide greater access to senior management and clients — which isn’t just valuable for gaining experience within the current role, but in presenting valuable networking opportunities that can benefit long-term career prospects.
The decision of whether to pursue a career in a major bank or a boutique firm is ultimately a personal one. Carefully weighing the factors discussed above — compensation, role variation, autonomy, career progression, visibility, and client engagement — can help corporate servies and trust professionals align their career choices with their individual preferences and long-term goals.
If you’re working in trusts or corporate services and considering a career move, Victus Search can provide expert guidance. Our extensive network within the U.S. and personalised service ensure that we understand your aspirations and enable us to connect you with niche opportunities aligned with your professional goals. Contact us today for an initial discussion in complete confidence.
Whether you’re looking to fill a specialist role, or seeking the right position to deploy your unique skills and experience, the first step is to get in touch with one of our expert consultants.
Source expert talent Find specialist roles