Spotlight On: James Ask, Managing Director, Fiduciary Trust International
July 2025 — In an interview with Invest:, James Ask, managing director of Fiduciary Trust International, emphasized the importance of trust, client-centric strategies, and tailored solutions in navigating market volatility and complex family dynamics in today’s evolving wealth management climate. “Serving as both financial advisers and counselors, we prioritize effective communication and understanding our clients’ concerns,” he said.
What have been some significant milestones for the organization over the last 12 to 18 months?
The Radnor, PA market of Fiduciary Trust International has experienced record asset growth over the last 12 to 18 months. This growth reflects new client relationships, additional assets from existing clients, and consolidation efforts. We have also seen smaller regional firms and teams from other organizations consider Fiduciary Trust International as an ideal place to bring their practices. This is not necessarily part of an intentional acquisition strategy, but when the right opportunity presents itself, we serve as a strong fit and welcome new relationships or teams. Over the last 12 to 18 months, these factors have collectively strengthened our broader firm and our local team.
From a market perspective, on the basis of assets, we have likely had one of our best years within the last two years, particularly in this most recent year. In the asset management and wealth management industry, this level of success is a continual aspiration. It speaks to the quality of our local team, the broader organization we are part of, and our position as a subsidiary of Franklin Templeton. Our infrastructure supports these teams in delivering an unparalleled client experience. Our clients benefit from strong relationships with our team members, as well as the flexibility to interact with their wealth on their terms, whether digitally, online, or in person through our dedicated services for individuals, families, and nonprofits.
What are some trends or emerging needs among clients when it comes to managing complex wealth?
Recently, we have been discussing the market volatility that has been prevalent. This environment highlights two key themes. The first is the importance of trust in client relationships, necessitating frequent and transparent conversations. In times like these, it is critical to reinforce that a thoughtful plan is in place, especially one that has been developed over the years within these relationships. Volatility is uncomfortable, but clients benefit from understanding what they own, why it is in their portfolio, and how it aligns with their long-term goals.
On the trend side, the fundamentals remain consistent. We continuously engage with clients to review their asset allocations and ensure they remain appropriate, as life events can necessitate adjustments regardless of market conditions. During periods of volatility, this approach provides some reassurance in an otherwise uncertain environment. Volatility also presents opportunities. Clients with liquidity from business sales or other events may find attractive entry points for asset classes or investments they have been considering. We ensure these opportunities align with their objectives before execution.
Our deepest client relationships are built on comprehensive wealth planning. Whether updating estate plans, optimizing tax efficiencies in gifting strategies, or leveraging depressed asset values for wealth transfer, volatility can create advantageous conditions. For example, transferring wealth to successor generations may be more tax-efficient when asset values are lower, assuming future appreciation. Our wealth strategists collaborate with clients to identify the most effective vehicles for the client’s unique circumstances.
What trends are you seeing in the types of settlements or family situations driving demand for these trusts?
Over the past year, our special needs trust practice has experienced significant growth, reflecting the increasing demand for specialized planning for families with beneficiaries facing medical, mental health, or substance use challenges. This area requires a unique blend of legal, financial, and empathetic expertise, which our team has cultivated over decades. Many of these trusts originate from court-mandated settlements involving minors, making this a resilient practice area less susceptible to economic fluctuations. To meet this demand, we have expanded our team of dedicated trust officers, ensuring each client receives the meticulous attention their situation demands. Our approach prioritizes tailored solutions, whether structuring long-term care plans, coordinating with medical professionals, or navigating complex legal frameworks. By investing in specialized resources, we avoid overburdening existing teams and uphold the high-touch service standards these clients rely on.
How do you navigate the emotional aspects of wealth management, particularly in today’s uncertain economic climate?
At the heart of this industry is the understanding that wealth is deeply personal. A significant percentage of the assets we manage belong to individuals and families, whether through private foundations, personal wealth, or trusts. With wealth comes complex challenges, such as preparing successive generations for stewardship. A growing trend, especially among younger generations, is the alignment of investments with personal values. This goes beyond wealth transfer as it encompasses what clients own and whether those investments reflect their beliefs. Many firms recognize this shift, but our expertise lies in facilitating these conversations across generations. We employ structured methods, including exercises and curricula, to help families articulate their values and integrate them into their financial strategies.
Serving as both financial advisers and counselors, we prioritize effective communication and understanding our clients’ concerns. Our role extends beyond seeking to maximize returns; it involves helping clients feel confident in their financial decisions by understanding the “why” behind their investments and viewing them as tools to fulfill life objectives. In many cases, our role blends investment advice with values-based counseling, helping families find practical ways to reflect their intentions in their financial plans.
How are you leveraging technological innovation to deliver deeper insights, proactive planning, and other services?
Technology is, on some level, integral to every business and industry today. Internally, we utilize artificial intelligence to assist in transcribing interviews, summarizing internal meetings, and identifying key takeaways and action items. We believe this optimization allows us to better serve our clients both in and out of the office. We also analyze client relationships comprehensively, mapping their financial plans to their portfolios, investments, and cash flows. This enables us to quickly identify when a plan may need adjustment due to life events or changing circumstances, ensuring timely conversations and updates. While these interactions traditionally occurred through periodic meetings, technology now provides real-time insights, enhancing responsiveness.
As part of Franklin Templeton, we benefit from significant investments in technology that empower our teams and elevate the client experience. Clients can interact with us through online portals, mobile apps, and customized reporting tools — all of these are capabilities that were manual and labor-intensive just three, four, or five years ago. Now, they can generate personalized reports securely, selecting their preferred frequency and timeframes.
This democratization of information is transformative. Previously, such tools were accessible only to institutional investors at high costs. Today, individuals, families, and family offices can leverage them as well. Continuous investment in technology is essential, as it enhances client access to information, fosters self-assurance in their financial plans, and strengthens our ability to deliver personalized, trust-based relationships.
What are some fundamentals that make the greater Philadelphia region a great place to do business?
The strengths of the Philadelphia region have remained consistent over the years. Its geographic location is ideal, situated between New York and Washington, D.C., with easy access to both markets. Additionally, the cost of living is more reasonable compared to those cities.
Access to talent is another advantage. The region boasts world-class educational institutions, making it an excellent place to recruit and develop professionals, whether experienced hires or those early in their careers. Key industries here include healthcare, education, and financial services, creating a dynamic ecosystem for collaboration and growth.
Competitors in the region also play a positive role. They push us to elevate our client experience and avoid complacency. Their presence ensures we remain competitive, which ultimately benefits our clients. Furthermore, the concentration of talent here simplifies recruitment, as professionals are already embedded in the market. Building relationships, both with clients and colleagues, is more effective in person, and Philadelphia’s density facilitates that.
Looking ahead, what are your top strategic priorities for the next few years?
A major priority is addressing generational wealth transitions, particularly for baby boomers who may be selling or transitioning their businesses. These transactions often represent their largest assets, and we aim to guide clients through every stage, from exploring options to managing liquid portfolios and generational wealth transfers.
Another focus is expanding access to innovative asset classes. This includes evaluating alternative investments such as private equity opportunities that were once limited to institutional investors. We must assess suitability, communicate risks and benefits, and integrate these options where appropriate for clients.
On the technology front, cybersecurity remains critical. As artificial intelligence proliferates, so do risks from bad actors. Safeguarding client assets both digitally and through prudent investment strategies is a key focus for us.
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