Analysis
NAICS 523991 is the 2022 national industry for trust, fiduciary, and custody activities, part of 52399 (All Other Financial Investment Activities). Census lists 8 example activities under it in the official index.
Between 2018 and 2023 the number of establishments grew 31% and employment fell 1%. The 2018 count used NAICS 2017, so part of a large move can come from codes being redefined rather than from businesses opening or closing.
County Business Patterns counts 3,285 US establishments in this code in 2023, employing 36,031 people at an average annual payroll of $113,669 per employee (89th percentile of national industries). 78% of the establishments have fewer than five employees, which marks it as a small-business industry.
By establishments it ranks 1st of the 2 codes at this level within All Other Financial Investment Activities, with 57.7% of them.
Its index entries, the activities Census uses to assign businesses to this code, include administrators of private estates, bank trust offices, escrow agencies (except real estate) and fiduciary agencies (except real estate), among 8 in all.
Census lists 4 related activities that belong elsewhere, most often in 523940, 525920, 531390 and 81321. Businesses that do several things are classified by their primary activity, the one that generates the most value, so check those boundaries before settling on this code.
Official definition
This U.S. industry comprises establishments primarily engaged in providing trust, fiduciary, and custody services to others, as instructed, on a fee or contract basis, such as bank trust offices and escrow agencies (except real estate).
Source: US Census Bureau, NAICS 2022 Manual.
Not this code if…
| The business mainly does | Use instead |
|---|---|
| Managing the portfolio assets (e.g., trusts, funds) of others | 523940 Portfolio Management and Investment Advice |
| Legal entities (i.e., trusts, estates, or agency accounts) administered on behalf of the beneficiaries under the terms of a trust agreement, will, or agency agreement | 525920 Trusts, Estates, and Agency Accounts |
| Performing real estate escrow or real estate fiduciary activities | 531390 Other Activities Related to Real Estate |
| Awarding grants from trust funds | 81321 Grantmaking and Giving Services |
Index entries (8)
- Administrators of private estates
- Bank trust offices
- Escrow agencies (except real estate)
- Fiduciary agencies (except real estate)
- Personal investments trust administration
- Securities custodians
- Trust administration, personal investment
- Trust companies, nondepository