Trust and Wealth Management Consulting Services
Business Needs Analysis
A Business Needs Analysis (BNA) prepared by RJM Resources will help answer questions you have regarding your trust and wealth management business.
- Is your team aligned with vendors that provide great service to your internal and external customers?
- Are your fee schedules competitive?
- Are you staffed appropriately?
- Are customers receiving the experience they should expect from your organization?
- Are risks associated with the business well mitigated?
Our BNA process is a top-to-bottom analysis of process efficiency, risk/mitigation, system suitability, staffing levels and profitability.
Core Vendor Selection Process
Are you ready to select a new trust and wealth management provider or do you just want to review provider options to learn more about services and costs?
Too many trust and wealth management firms are renewing legacy contracts without reviewing alternative options. Autorenewal clauses combined with annual contractual cost increases have resulted in many providers of trust and wealth management services paying premium fees for sub-par solutions.
RJM Resources’ Core Vendor Selection Process will make sure your growth and service objectives align with your core (and ancillary) providers.
Contract Negotiations
Let RJM Resources assist you with your trust and wealth management vendor contract negotiations. We will make sure that the fees you pay your vendors align with industry standards. Business terms and SLAs will be aggressively negotiated.
Would you appreciate a contract negotiations partner with industry experience (a comprehensive database) regarding average market costs and baseline contract terms for trust and wealth vendors?
Solution Transition Support
You have selected a new core trust and wealth management system provider. Now you are faced with a major business transition. This new provider will present a project plan to replace your existing system with their “new” system.
How do you make sure you are taking advantage of everything this new system has to offer?
RJM Resources services are focused on business transformation, not system replacement. We also provide an “expanded” project plan to cover client/third party communication plans, testing and training plans and post-conversion vendor commitments.
Health Savings (HSA) and Flexible Spending (FSA)
There is nothing more frustrating for your employees than poorly designed, poorly administered benefit plans. Designing and implementing HSA and FSA plans may seem simple but there are decisions that are made in the design process that can take you down the path of a successful plan vs. a disappointing plan.
The same can be said regarding selecting a plan administrator. RJM Resources will assist you in making all the right decisions when implementing a new plan or fixing an existing plan.
Retirement Plan - Recording Keep Systems Selection and Support
Legacy Recordkeeping systems are expensive and require significant manual processing. This significantly reduces your firm’s profitability. RJM Change Management can assist your firm in researching and selecting alternative, state-of-the-art recordkeeping solutions.
Brokerage Supplier Solutions
Due to aged brokerage agreements, many providers are leaving a lot of revenue potential unfulfilled. Over the last four years, brokerage revenue share numbers have moved in favor of clients (you). Don’t allow brokerage service providers to continue to auto-renew their contracts at current rates. Allow us to negotiate a more favorable, industry-standard, revenue agreement.
General Wealth Management and Trust Consulting
Sometimes you just need a second (independent) opinion regarding trust and wealth management issues. You can’t expect your team to be experts on all things related to trust.
Let RJM Resources fill in these knowledge and experience gaps. We can provide executive summaries regarding your questions as well as support your team’s initiatives.
The RJM Change Management Team
RJM Change Management was founded in 2021 with a clear mission: to help Wealth Management firms break free from outdated, inefficient systems and confidently navigate toward solutions that truly fit their business needs. With decades of combined industry experience, founder and president Russell Morse and vice president Rachel Lerner bring deep expertise in wealth systems, retirement, and benefits administration. Instead of pushing one-size-fits-all vendor solutions, RJM partners with firms to evaluate options, identify pain points, and guide transitions that boost profitability, improve client deliverables, and control costs.