Investment Management for Private Trusts & Foundations
Disciplined, well-documented stewardship for assets held on behalf of others.
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Managing money for yourself and managing it for others are two different responsibilities.
Trustees and foundation board members are accountable for more than returns. They’re accountable for process: following the governing document, balancing the needs of different beneficiaries or a charitable mission, and keeping a record of how decisions were made. Many people in these roles are family members, business owners, or volunteers who were never trained to run an investment program, yet they carry real fiduciary responsibility.
That’s where we come in. Palm Capital Management is a fiduciary investment advisor in Calabasas, California, helping trustees of private trusts and boards of family foundations across Los Angeles and Ventura Counties, and nationwide, turn a governing document into a clear investment process. It’s easy to explain, easy to document, and built to last.
Where We Start: Your Governing Document
Before we talk about investments, we start with the trust agreement or foundation charter. We read it with you and your attorney to identify the purpose of the assets, who benefits and when, any distribution requirements, and any restrictions on how the money can be invested.
That becomes the foundation for a written investment policy statement, the document that connects what the trust or foundation is meant to do with how the portfolio is actually managed.
Governing document
The trust agreement or foundation charter: purpose, beneficiaries, distributions, and restrictions.
Investment policy statement
Objectives, risk tolerance, spending needs, rebalancing rules, and a review schedule, in writing.
Portfolio
Built and managed within the framework your attorney confirms, with transparent costs.
Reporting and review
Regular reporting, meeting preparation, and a record of the decisions made along the way.
What We Help Trustees and Boards Think Through
A written investment policy statement.
Objectives, risk tolerance, spending needs, rebalancing rules, and review schedule, all in one place. It gives trustees and board members a shared standard and a record to point to if decisions are ever questioned.
Prudent investor standards.
Fiduciaries generally must diversify, manage costs, and act with care and skill. For California trusts, that framework comes from state law, including California’s version of the Uniform Prudent Investor Act, and the specifics also depend on the terms of the document. We build and manage the portfolio within the framework your attorney confirms.
Balancing beneficiaries.
A trust often serves more than one group: someone who receives income today and someone who inherits later. A portfolio that pays generously now can shortchange the future, and vice versa. We help you weigh both.
Spending and distribution policy.
Federal rules generally require private foundations to distribute a minimum percentage of their assets each year. We design a spending approach that meets those requirements while aiming to preserve the purchasing power of the assets over time.
Tax considerations.
Trusts can reach higher federal tax brackets at lower income levels than individuals; California has its own trust tax rules, and private foundations face their own excise tax. We work with your CPA so investment decisions take these into account.
Reporting and governance.
We provide clear, regular reporting; meeting preparation for your trustees or board; transparent costs; and documentation of decisions made along the way. For California charitable organizations, we also help gather the figures your attorney or CPA needs for state and federal filings.
Our Approach
Palm Capital Management uses fundamental analysis and a long-term, tactical approach to build portfolios around your goals, not the other way around. As fiduciaries, we’re legally obligated to act in your best interest, and we keep our own investable assets alongside our clients’, so our incentives stay aligned with yours.
We also believe cost matters. Hidden fees in mutual funds and other structured products can quietly erode a portfolio over time, so we favor low-cost, transparent holdings that give you direct ownership and more control. For a fiduciary who must justify what they pay and why, transparency matters.
We serve as an investment adviser and work alongside your attorney and CPA. We don’t provide legal advice or act as trustee.
Portfolios built around your mission
Fiduciary, invested alongside you
Low-cost, transparent holdings
Common questions
Private Trust & Foundation FAQs
Straight answers to the questions we hear most from trustees and foundation boards.
Got more questions?
Ask us anythingWhat is an investment policy statement, and do we need one?
It’s a written document that sets out the objectives, constraints, and rules for managing the portfolio. It isn’t always required by law, but it’s widely regarded as good practice and gives trustees and directors a clear record of how and why they made decisions. We also set a review rhythm that fits your trustees or board.
How is managing a trust or foundation portfolio different from managing a personal one?
The assets belong to someone else, so the standard is different. You have duties to beneficiaries or a mission, rules in the governing document, often a distribution requirement, and sometimes several time horizons at once.
How much does a private foundation have to distribute each year?
Federal rules generally set a minimum annual distribution for private foundations, commonly around 5% of the value of their investment assets, with details set by IRS rules. Your attorney or CPA should confirm the exact figure for your foundation, and we build the portfolio so you can meet it.
Can you work with our attorney and CPA?
Yes, and we encourage it. Legal and tax questions belong with those professionals, and we coordinate so the investment plan reflects their guidance.
Do you serve as trustee?
No. We act as the investment adviser, and your trustees or board retain their role and decision-making authority.
Do you work with trusts and foundations outside Calabasas?
Yes. Our office is on Calabasas Road in Calabasas, California, and we meet with trustees and boards in person or by video. We work with clients across the country.
Words from Our Clients
Independent Google reviews from those who trust us with their financial future.
“Alano has been managing my now quite sizeable Schwab rollover IRA and revocable trust accounts for 11 years. I’ve left practically all investment choices to him. The funds have grown substantially under his guidance. He and his staff have always been available and responsive to any requests I have for documents or explanations.”
— Donald S.
This is an unpaid solicited client testimonial. The client has had a financial relationship with Alano Massi for over 10 years and is providing his opinion. A client testimonial does not guarantee future investment success and should not be that any client or prospective client will experience a higher level of investment performance. This may present a conflict of interest as this particular client’s experience may or may not be the same as another client’s experience.
“I have worked with Alano Massi for several years and it has been an exceptional experience. Alano is very professional and knowledgeable, and he always makes time to understand my specific goals. Alano and his staff provide prompt and friendly communication, always available to answer my questions and ease my concerns.”
— Sarah C.
This is an unpaid solicited client testimonial. The client has had a financial relationship with Alano Massi for over 7 years and is providing her opinion. A client testimonial does not guarantee future investment success and should not be that any client or prospective client will experience a higher level of investment performance. This may present a conflict of interest as this particular client’s experience may or may not be the same as another client’s experience.
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Ready to Put a Clear Process in Place?
Schedule a complimentary consultation with our Calabasas team, and let’s build an investment approach your trustees or board can stand behind.