Although cost-effective, managing your own foundation can be burdensome, time-consuming, and increase the risk for expensive compliance missteps.
Putting together a team that you know and trust (attorney, financial advisor, accountant, etc.) sounds ideal, and it might be economical, if they already handle your other business. However, it takes time and effort to coordinate their efforts, and they might not have the needed foundation-specific expertise, which often leads to errors.
Trust departments will typically provide foundation administration services, but you must keep the foundation’s assets at that institution, use their managers, and conform to their procedures. Although their administrative services are nominally “free,” the cost is often hidden in investment management and other fees.