Trust companies are financial institutions that specialize in managing and administering trusts on behalf of individuals, businesses and organizations. Some synonyms for trust companies include fiduciary companies, trust and investment companies, and asset management firms. Fiduciary companies focus on managing trusts and other financial assets for beneficiaries, while trust and investment companies focus on providing investment management services to individuals and businesses. Asset management firms specialize in managing investments and other financial assets on behalf of clients. Regardless of the specific type of financial institution, trust companies are critical to ensuring that assets are managed and protected in accordance with the wishes of beneficiaries.