Covenant Trust

What Covenant Trust does

Covenant Trust Company is an Illinois-chartered non-depository trust company founded in 1988, with operational roots dating to 1978 within the Evangelical Covenant Church. The firm provides fiduciary investment management, corporate trustee services for revocable and irrevocable trusts, Traditional and Roth IRA administration, estate planning coordination with external attorneys, and a charitable-giving platform that includes Donor-Advised Funds, Charitable Remainder Unitrusts, Charitable Gift Annuities, and pooled endowment management. The investment platform is built on multiple third-party mutual fund managers (active and passive) using no-load funds, with portfolios constructed through an Investment Questionnaire process that maps clients to one of eight risk-based investment objectives.

The firm reports more than $2 billion in assets under care and is regulated by the Illinois Department of Financial and Professional Regulation, Division of Banking. Its go-to-market is primarily a field-based model: Financial Advisors are embedded in Covenant Living continuing care retirement communities and at Evangelical Covenant Church regional conferences throughout the U.S., supplemented by free educational workshops, a blog, The Pathway e-newsletter, and a Facebook/YouTube presence.

Covenant Trust is owned by three shareholders tied to the Evangelical Covenant Church denomination: the Evangelical Covenant Church itself, Covenant Ministries of Benevolence, and North Park University. Revenue is generated through asset-based management fees on $2B+ AUM, plus professional-services fees for estate planning and charitable structuring. The company is privately held, does not publish financial statements, and has not raised external private equity or venture capital. Headcount sits in the 51-100 range based on a team directory of approximately 30+ named staff. Account access is delivered through third-party platforms Innovest Systems and BD Reporting.

Name

Covenant Trust

Legal name

Covenant Trust Company

Website

https://covenanttrust.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

51–100 employees

Short description

Covenant Trust is an Illinois-chartered non-depository trust company that provides fiduciary investment management, corporate trustee services, IRAs, estate planning, and charitable giving for individuals, families, and faith-based institutions, primarily within the Evangelical Covenant Church ecosystem.

Ownership category

akta.pro rank

Product category

Trust and Investment Management

NAICS

Grantmaking and Giving Services (81321), Religious Organizations (8131)

SIC

Finance Services (6199)

akta.pro primary industry

Corporate & Institutional Trust Services (FSAAANAB)

akta.pro secondary industries

Personal & Family Trust Services (FSAAANAA), Philanthropic & Charitable Trust Services (FSAAANAI), Charitable Giving & Philanthropic Trust Advisory (FSAEAKAH)

Keywords

• Trust administration services
• Investment management
• Estate planning services
• Charitable giving vehicles
• Retirement account services

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Trust and Investment Management Fees: Covenant Trust serves as trustee for revocable living trusts, irrevocable charitable trusts, and IRAs, providing professional investment management services. Fees are described as being 'right in line with industry averages' and are clearly identified on account statements.
2. Asset-Based Management Fees: As a fiduciary managing assets, Covenant Trust generates revenue based on assets under management. The company reports having more than $2 billion under care.
3. Estate Planning Services: Financial Advisors assist clients with will preparation and estate planning document preparation through partnerships with attorneys.
4. Charitable Gift Planning Services: Services include Charitable Gift Annuities, Charitable Remainder Unitrusts, Donor-Advised Funds, and endowment management with associated fees for fiduciary services.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Covenant Trust is an Illinois-chartered non-depository trust company that provides fiduciary investment management, corporate trustee services for revocable and irrevocable trusts, Traditional and Roth IRA administration, estate planning, and charitable giving vehicles (donor-advised funds, charitable gift annuities, charitable remainder unitrusts, and pooled endowments). The firm manages more than $2 billion in assets for individuals, families, and mission-centered institutions, primarily serving the Evangelical Covenant Church ecosystem and residents of Covenant Living retirement communities across the United States.

Product overview

Covenant Trust operates as a comprehensive financial services organization offering trust administration, investment management, and legacy planning as an integrated suite of products. The core portfolio centers on corporate trustee services (Trust and Trustee Services), professional investment management with personalized portfolios, and IRA account management (Traditional IRA and Roth IRA). Charitable giving products include a Donor-Advised Fund, Charitable Remainder Unitrust, Charitable Gift Annuity, and Covenant Endowment Trust, all coordinated through Covenant Estate Planning Services. Estate planning services encompass will preparation, revocable living trusts, and attorney coordination. Additional offerings include educational workshops, Qualified Charitable Distributions, Roth Conversion strategies, and financial literacy resources. The company acts as a fiduciary, managing over $2 billion in assets for individuals, families, and institutions, primarily serving the Evangelical Covenant Church ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Management Personalized investment portfolio design and management tailored to client risk tolerance, goals, and investment objectives using institutional-quality fund managers through a multiple-manager approach with active and passive strategies.
• Trust and Trustee Services Corporate trustee services for revocable living trusts and irrevocable trusts, providing professional management, accounting, recordkeeping, and asset distribution to relieve family members of oversight burden.
• Traditional IRA Tax-deferred individual retirement account allowing pre-tax contributions with distributions taxed as ordinary income upon withdrawal, administered with Required Minimum Distribution processing.
• Roth IRA After-tax individual retirement account featuring tax-free growth and qualified withdrawals, with no required minimum distributions during the owner's lifetime.
• Donor-Advised Fund Charitable giving vehicle allowing donors to establish an individually named fund, receive an immediate tax deduction, and recommend grants to charities over time while assets grow tax-free.
• Charitable Remainder Unitrust (CRUT) Irrevocable deferred gift arrangement where assets are transferred to a trustee; donor receives lifetime income payments and the remainder passes to designated charitable ministries.
• Charitable Gift Annuity Contractual agreement where donors transfer cash or appreciated securities to The Evangelical Covenant Church in exchange for fixed lifetime payouts, with the residue benefiting designated ministries.
• Charitable Endowment Services Professional investment management and administration of endowment funds for ministries, including help with planning, establishing, and managing endowment accounts.
• Covenant Endowment Trust Pooled endowment account structure accepting gifts of cash or appreciated assets into individual endowment accounts earmarked for Covenant ministries, with a 5% annualized quarterly distribution.
• Estate Planning Services Will preparation, revocable living trust establishment, and coordination with estate planning attorneys to help clients create comprehensive legacy plans, ensuring private asset distribution outside probate.

Quantifiable outcome

• $2 billion+ in assets under management
• +1 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• The Evangelical Covenant ChurchcoreStrategic or Co-development Partner · 1 January 1988Primary shareholder of Covenant Trust Company along with Covenant Ministries of Benevolence and North Park University. Covenant Trust was formed as a team within the Evangelical Covenant Church in 1978 and expanded to a stand-alone chartered trust company in 1988. The partnership involves serving members, friends, and ministries of the ECC with trust and investment services aligned with the church's mission of effective legacy planning and financial management.
• Covenant Ministries of BenevolencecoreStrategic or Co-development Partner · 1 January 1988One of three shareholders of Covenant Trust Company. The ministry-focused organization partners with Covenant Trust to provide financial services that support benevolent causes and mission-centered institutions within the Covenant ecosystem.
• North Park UniversityminorStrategic or Co-development Partner · 1 January 1988One of three shareholders of Covenant Trust Company. North Park University, a private Christian university affiliated with the Evangelical Covenant Church, partners with Covenant Trust to support financial planning and legacy services for the university community.
• Covenant LivingcoreStrategic or Co-development PartnerCovenant Living operates continuing care retirement communities throughout the United States. Covenant Trust Financial Advisors are embedded within Covenant Living facilities to provide on-site financial advisory services to residents. Each community has a dedicated Financial Advisor serving that specific location, including communities in California, Minnesota, Florida, Texas, Illinois, and other states.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• National Christian Foundation: National Christian Foundation is one of the largest faith-based donor-advised fund sponsors in the U.S., offering charitable giving, estate planning, and gift planning services to Christian donors and ministries. Directly comparable to Covenant Trust's charitable giving arm (DAFs, CRUTs, gift annuities, endowment services).
• Thrivent Financial: Thrivent Financial is a Fortune 500 faith-based financial services organization serving Christian individuals and families with investment, insurance, retirement, and charitable planning products. Directly comparable in faith-based values alignment and breadth of financial services for Christian clients.
• Fidelity Charitable: Fidelity Charitable is the largest donor-advised fund sponsor in the U.S., offering charitable giving accounts integrated with Fidelity's investment platform. Directly comparable to Covenant Trust's DAF offering and overall charitable planning product suite.
• Schwab Charitable: Schwab Charitable is a major national donor-advised fund program serving individual donors, advisors, and nonprofits. Comparable as a large-scale DAF provider offering tax-advantaged charitable giving services similar to Covenant Trust's DAF and charitable gift services.
• Vanguard Charitable: Vanguard Charitable is a national donor-advised fund sponsor leveraging Vanguard's low-cost investment philosophy. Comparable to Covenant Trust's DAF offering and the integrated trust + charitable planning model.
• Christian Community Foundation: Christian Community Foundation operates a national network of faith-based foundation affiliates offering donor-advised funds, endowments, and charitable gift planning for Christian donors and ministries. Comparable to Covenant Trust's faith-based charitable and endowment management services.

Broad incumbents

• Wells Fargo Wealth Management: Wells Fargo Wealth Management offers comprehensive trust, estate, investment, and charitable planning services at national scale. Comparable as a broad incumbent offering the full suite of services Covenant Trust provides, but with far greater scale and geographic reach.
• BNY Mellon Wealth Management: BNY Mellon Wealth Management provides private banking, investment management, and trust services to ultra-high-net-worth individuals and families. Comparable as a broad incumbent offering corporate trustee, estate, and investment services with deep fiduciary capabilities.
• TIAA (TIAA-CREF): TIAA is a major retirement-focused financial services organization serving academic, nonprofit, and mission-driven institutions with retirement, investment, and trust services. Comparable as a broad incumbent serving mission-driven institutions (similar to Covenant Trust's church, university, and hospital clients) with retirement and endowment expertise.

Emerging players

• National Western Financial: National Western Financial and affiliated entities provide financial services including annuities and investment products targeting faith-affiliated and conservative communities. Partial overlap with Covenant Trust's retirement and values-based investment services for retirement-focused clients.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/CovenantTrustCompany
• Facebookfacebook.com/CovenantTrustCompany
• Xx.com/covtrust
• LinkedInlinkedin.com/company/covenant-trust-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Covenant Trust