A unit of LPL Financial (LPLA) that focuses on trusts said Tuesday that it would work more with its parent company and affiliates to further improve sales and asset growth while hiring more executives and trust officers. In the past three years, the Cleveland-based Private Trust Co. says it has boosted the number of administered accounts by 25%.

PTC currently provides trust-administrative services for more than $935 million in individual and family assets and also serves as custodian for $74 billion in IRA assets.

“The trust and estates sector is witnessing a significant evolution as clients increasingly opt to work with independent advisors who can bring flexibility and customization to the management of trust assets,” Bethany Bryant (left), president of PTC, said in a press release.

According to Bryant, clients with intergenerational estate-planning needs “don’t want one-size-fits-all products or a limited universe of wealth management funds,” so PTC offers them an open architecture model of fiduciary services.

The trust-administration firm aims to “enable—and encourage—clients to maintain their relationships with their trusted financial advisors, while we serve as trustee or co-trustee,” she explained. “This enables financial advisors to provide a more robust offering of wealth management services and to better maintain intergenerational relationships when assets are held in trust and passed down to beneficiaries.”

With its plan to grow more by working with its parent company, PTC executives and trust officers hope to take advantage of the network of over 13,100 affiliated independent financial advisors, roughly 685 financial institutions and 4,500 advisors licensed with insurance companies doing business with LPL. And LPL executives are embracing this approach.

“We are very proud of PTC’s growth in 2012, and we look forward to working with Bethany and her team to build the business even further in 2013,” said Andrew Putterman, managing director of High Net Worth Services at LPL Financial and CEO of Fortigent, in a statement.

With the recent additions of Fortigent, a provider of alternative-investment strategies and related services acquired by LPL in 2012, and Concord Capital, which specializes in asset-management services and open-architecture technology and was bought in 2011 by LPL, “PTC is well positioned to capitalize on the new opportunities we are creating as it works to address the needs of high-net-worth families and individuals,” added Putterman. “We are excited to play an empowering role in the company’s ongoing growth under Bethany’s leadership.”

New Hires

On Tuesday, PTC said it hired Jack Keane to serve as its vice president, as well as its finance and administrative officer. Prior to joining PTC, Keane worked for National City Corp, where he was CFO of its Institutional Asset Management Division, and for KeyCorp, where he was CFO of the Victory Funds.

In addition, Carolyn Neuner joined PTC as an assistant vice president and trust officer. Earlier, Nuener served as vice president of Personal Trust Administration at TIAA-CREF Trust Co. and had a variety of roles at Bank of America (BAC).

LPL Financial is set to release its latest quarterly earnings results on Feb. 6.