Tabar pilots region’s newest trust company
Frank Tabar is no stranger to the Santa Barbara community or the importance of trusts as an estate planning tool. A former executive at Santa Barbara Bank & Trust, Farmers and Merchants Trust Company and more, Tabar’s expertise in helping guide families through the process is what inspired him to help fill the gap in Santa Barbara.
As a result, Tabar got to work and in July of this year, opened a new trust and fiduciary services firm, the Santa Barbara Trust Company, in downtown Santa Barbara. Santa Barbara Trust Company aims to serve families who share values of personalized service, attention to detail and community-focused living.
“There aren’t any hyper-local trust companies outside of Montecito Bank & Trust that fill the need for this area and as I was going through the licensing process, I was told several times that this, what we are doing, is needed here in Santa Barbara, so it was gratifying to hear,” Tabar told the Business Times.
Tabar told the Business Times he knew there should be a fiduciary company solely focused on the trust process to serve Santa Barbara.
Given his previous expertise as a senior trust manager at the Santa Barbara Bank and Trust for many years, as well as at other organizations such as Citizens Bank of Pasadena, Bank of the West, and Farmers and Merchants Trust Company, Tabar wanted to be the one to step up to the plate.
Tabar got to work and spent the last couple of years getting licensed by the state — a process made easier by his experience in the industry. Santa Barbara Trust Company is just the eighth fiduciary company licensed by the state, excluding national banks like Bank of America, etc.
“It helped that they’ve seen my face in different places, and luckily I had good references,” Tabar said with a laugh.
Santa Barbara Trust Company is 100% affiliated with Arlington Financial Advisors, a local financial planning company that has served the Santa Barbara community for over 15 years, managing more than $1 billion in client assets, and supports more than 30 nonprofits and local causes.
Tabara joined Arlington since May 2024, around the time he first got to work on Santa Barbara Trust.
“We are two separate companies, but we could use their services and they could use ours,” Tabar said.
As of right now, Santa Barbara Trust has four employees, two full-time, including Tabar, and two part time. Tabar added that the organization is managing about $25 million in assets so far, with a goal to be at $250 million in three years and $1 billion in five years.
“It’s aggressive if you are a little mom and pop shop, but it’s not aggressive for us,” Tabar said. “We know the community. Because of my connections and obviously Arlington’s connections, several of our clients already named us in their trust as soon as they found out.”
Tabar acknowledged the specific importance of trusts, especially compared to other financial services offered. A trust offers advanced estate planning capabilities, such as asset protection, control over distribution, and privacy, that are not available through simple services like a will or a bank account.
He stressed that the organization’s focus on the execution of trust agreements and agent-for-trustee services, management of revocable and irrevocable family trusts, estate settlement, asset management, custodial services and investment oversight is important to have locally to add a more personal touch.
“I talk to every single person involved,” Tabar said. “I always encourage them to let me talk to the family if they are in town. If someone says their son works in Florida, but they come once a year, well, bring him over then, I want to meet him.”
“It is important we get to know each other because it helps to know who to call when that time comes,” Tabar said.
Tabar added that he is excited to be in the community once again, offering a service he is an expert in.
“I’m thrilled to launch Santa Barbara Trust Company and bring a truly local, independent option to our community,” said Tabar. “Our team understands the values and traditions that make Santa Barbara unique, and we’re committed to providing families and nonprofits with the personal attention, stability and long-term trust services they deserve.”
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