Built on Trust: A Smarter Way to manage Client funds across Professional Services
Trust is the cornerstone of many professional relationships – especially when managing client funds. Whether you're a legal practitioner, property practitioner, executor, or even a debt collector or accountant, handling other people’s money comes with legal, ethical, and reputational responsibilities. That's why Standard Bank offers a range of trust accounts designed to support compliance, security, and operational efficiency across regulated and non-regulated professions. These purpose-built accounts help professionals manage funds with confidence – ensuring strict separation from business finances, while aligning with industry-specific regulations.
Standard Bank’s trust accounts are designed to meet the unique needs of professionals who are responsible for holding funds on behalf of clients or third parties. For legal practitioners, the accounts are fully aligned with the Legal Practice Act and are structed in accordance with the Legal Practitioners Fidelity Fund (LPFF), which ensures transparency and compliance. Importantly, the design of the account prohibits risky transactions – such as ATM withdrawals, debit orders, and point-of-sale purchases – safeguarding both the client’s funds and the practitioner’s practice from misuse or regulatory breach.
In addition to attorneys, Standard Bank has trust account solutions available for property practitioners, executors, and other professionals who manage entrusted funds. While not all these sectors are legally required to use regulated trust accounts, the demand is growing – especially as firms seek to elevate client confidence and streamline their financial governance. Standard Bank supports this shift with three core trust account offerings: Attorney Trust Accounts, Property Practitioner Trust Accounts, and Executor Trust Accounts. Each one is tailored to meet specific operational requirements while providing the same level of security and compliance.
What sets Standard Bank apart is the automation and convenience built into the offering. Interest accrued on trust balances is automatically calculated and, where applicable, transferred to the LPFF – ensuring that professionals meet their legal obligations without administrative hassle. The bank also closely monitors account usage to prevent unintended or inappropriate transactions, ensuring accounts are used as intended and that compliance is never compromised.
Elani Van Der Laan, Head of Legal & Accounting Sectors for Business and Commercial Banking at Standard Bank, highlights the deeper significance of trust accounts in professional practice, “Proper Trust account management is more than just a compliance exercise – it's a reflection of the professional’s commitment to ethical business practice. At Standard Bank, we see our role as a strategic enabler, giving professionals the confidence and support to manage entrusted funds responsibly. Our goal is to make compliance seamless, so our clients can focus on building trust with theirs.”
This offering is supported by Standard Bank’s relationship-led approach to business banking. Many of the country’s largest and most established professional firms – some with decades-long relationships – continue to bank with Standard Bank. That trust has been built on consistency, proactive support, and a clear understanding of what professionals need to manage their practices securely and efficiently.
Another standout feature is the competitive interest rates available on some trust accounts and while not all earn interest, those that do compare favourably across the industry. Through ongoing product refinement and regular engagement with industry regulators, Standard Bank continues to evolve its offerings to meet changing client needs and compliance requirements.
Common pitfalls – such as using trust accounts for business expenses or failing to separate operational funds can be costly. That's why Standard Bank invests in client education and regular check-ins to ensure accounts are being used correctly and to help clients avoid reputational and legal risk.
Looking ahead, Standard Bank is developing additional trust account products to support a wider range of professionals and business entities. These developments are driven by a commitment to client-centred innovation ensuring that as industries evolve, their banking solutions do too.
Lihle Mfihlo, Solution Owner: Business & Commercial Banking, reinforces this focus on forward-looking design, “We're constantly analysing client behaviour and industry shifts to ensure our trust account solutions remain relevant. Our goal is to build tools that not only meet today’s compliance standards but also prepare professionals for tomorrow’s business challenges.”
Whether you're in law, property, finance, or another trust-intensive profession, Standard Bank’s trust accounts offer more than compliance they offer confidence, security, and a better way to do business.
To learn more about Standard Bank’s Trust Account solutions or to open an account, visit standardbank.co.za or contact your relationship manager.