In a recent Q&A, Jamie Hopkins, Executive Vice President and Chief Wealth Officer at WSFS Bank and CEO of Bryn Mawr Trust Advisors, shared insights on estate planning, trusts, and business succession planning. Hopkins stressed that many consumers and business owners lack awareness of how estate planning affects everyday life, noting that strategic activities like titling accounts, beneficiary designations, powers of attorney, and health care directives are often overlooked. He emphasized that estate planning is not just for the wealthy, and that business owners frequently overlook succession planning, tax strategy, digital assets, and liquidity planning.
Hopkins advised people looking to consolidate their financial picture to first get everything in one view, as scattered accounts create risk and lack coordination. He recommended simplifying where possible, building regular check-ins with a financial advisor, and ensuring that investments, estate plans, tax plans, and insurance align with goals. At Bryn Mawr Trust, an integrated strategy brings all these components together to help clients make better decisions and avoid gaps.
For business owners, Hopkins emphasized starting succession planning early to identify future leaders, explore tax-efficient transfer strategies, and build flexibility. He noted that Bryn Mawr Trust has a history of working with business owners and encourages viewing succession as a long-term process. Regarding trusts, Hopkins explained that they are often overlooked because society avoids discussing death, but trusts provide real protection for everyday families and business owners by avoiding probate, reducing taxes, and ensuring generational wealth transfers align with wishes.
Hopkins highlighted Bryn Mawr Trust’s unique approach of coordinating financial advice, legal, tax, and banking services under one framework, eliminating the need for clients to manage silos. The firm also holds a national trust charter and a Delaware state charter, allowing it to offer best-in-class trust services including special needs trusts and legacy trusts. Both WSFS and Bryn Mawr Trust have histories spanning over 120 years, providing stability.
For business owners in the Greater Delaware Valley, Hopkins noted that local tax codes and credits, such as Delaware’s research and development refundable credit structure and Philadelphia’s Business Income & Receipts Tax, add complexity. Many businesses are family-owned and legacy preservation is important. By combining banking, wealth, and estate planning solutions, Bryn Mawr Trust helps local businesses thrive with the funding, support, and planning they need. Poor liquidity and succession planning can put business continuity at risk, so the goal is to ensure all local businesses can grow and operate effectively.
