Independent Fiduciaries are Individuals or law firms, rather than bank or financial institutions, that provide trustee services as well as advise in-house ESOP fiduciaries on basic ESOP matters. The basic difference between an Institutional Trustee versus an Independent trustee is that in large, complex transactions, companies need to have the breadth of support a single person, small firm independent fiduciary may not be able to provide. In most cases, an independent Fiduciary, will act as an ESOP Trustee, and usually have a legal background.