523991 - Trust, Fiduciary, and Custody Activities
When it comes to managing and safeguarding assets, NAICS code 523991 plays a crucial role in the financial ecosystem. Known as Trust, Fiduciary, and Custody Activities, this industry classification represents businesses that act as trustees, fiduciaries, or custodians, ensuring the secure and efficient management of trusts, estates, and custodial arrangements.
Whether you are a government contractor, a finance professional, or a business owner exploring this sector, understanding NAICS 523991 is essential for identifying opportunities and compliance requirements.
What is NAICS Code 523991?
NAICS 523991 covers establishments primarily engaged in acting as trustees, fiduciaries, or custodians for individuals, businesses, or institutions. These establishments manage a variety of fiduciary responsibilities, including trusts, estates, investment accounts, and custodial arrangements that safeguard client assets and ensure fiduciary duties are met.
Key activities under NAICS 523991 include:
- Managing private estates as administrators or trustees
- Providing fiduciary services excluding real estate fiduciary agencies
- Offering custody services primarily focused on securities and assets
- Acting as escrow agents, excluding those involved in real estate escrow
- Administering personal investment trusts
Sector Overview: Finance and Insurance
This NAICS code falls under the broader Finance and Insurance sector, which encompasses companies providing financial services, including asset management, banking, insurance, and investment activities.
Typical Business Activities in NAICS 523991:
- Administration of personal and private estates
- Fiduciary oversight of investment trusts
- Custody and safeguarding of securities and valuable assets
- Trust company operations that are nondepository (do not accept traditional deposits)
Size Standards for NAICS 523991
If you are a small business owner or contractor, it’s important to understand the size standards associated with NAICS codes for eligibility in government programs.
- Size Standard: $47 million dollars in average annual receipts
This standard helps determine if your business qualifies as a small business under this NAICS code for federal contracting and other assistance programs.
Examples of Businesses Covered by NAICS Code 523991
- Trust Companies specializing in the management of individual or corporate trusts
- Fiduciary Services offering specialized asset management and legal oversight
- Custody Services providers that hold securities, documents, and assets in safekeeping to prevent fraud or loss
- Bank Trust Offices operating as fiduciaries without accepting deposits
NAICS Code 523991 - Code Details Table
| Description | Examples |
|---|---|
| Administrators of private estates | Managing estates for individuals or families |
| Bank trust offices | Fiduciary departments within banks |
| Escrow agencies (except real estate) | Handling escrow accounts not related to real estate |
| Fiduciary agencies (except real estate) | Acting as fiduciaries for various assets excluding real estate |
| Personal investments trust administration | Managing trust investments on behalf of clients |
| Securities custodians | Safekeeping and administration of securities |
| Trust administration, personal investment | Administering personal trusts and associated investments |
| Trust companies, nondepository | Trust entities that do not accept traditional deposits |
Frequently Asked Questions (FAQs) about NAICS 523991
1. What industries are included in NAICS 523991?
NAICS 523991 includes trust companies, fiduciary services, custodians of assets and securities, bank trust offices, and escrow agencies (excluding real estate related services).
2. Why is NAICS 523991 important?
It defines businesses responsible for managing and protecting assets and investments, ensuring fiduciary responsibilities are upheld which is crucial for financial stability and legal compliance.
3. Can a real estate escrow company be classified under NAICS 523991?
No. Real estate escrow agencies are excluded from this classification. NAICS 523991 covers escrow agencies except those handling real estate transactions.
4. What is the size standard for small businesses under this code?
The size standard is $47 million in average annual receipts. Businesses below this threshold may qualify for small business programs.
5. How can knowing NAICS 523991 benefit my business?
Understanding this NAICS code allows businesses to identify government contracting opportunities, comply with regulations, and position their services appropriately in the financial industry.
Final Thoughts
NAICS code 523991 – Trust, Fiduciary, and Custody Activities is vital in the Finance and Insurance sector, encompassing businesses that manage, protect, and administer personal and institutional assets. Whether you are entering this market or targeting government contracts, knowing the scope, size standards, and typical business types under this NAICS code is invaluable.
Stay informed and leverage this knowledge to expand your presence in one of the most trusted areas of financial services.
Keywords: NAICS 523991, Trust Fiduciary Custody Activities, Trust Companies, Fiduciary Services, Securities Custodians, Finance and Insurance NAICS, NAICS Code Size Standards
