Core Trust/Wealth Vendor Review
We will help you determine how well your core Trust/Wealth system serves your firm and your clients. You may be well aligned with your core vendor. You may have outgrown the functionality provided by your core vendor. RJM Resources will prepare a comprehensive scorecard of your current vendor and alternative solutions.
Ancillary Vendor Overview (Alternatives)
Performance measurement, Investment support, compliance tools and tax preparation solutions are as (or more) important as your core system provider.
These solutions are client-facing – they are the tools that distinguish you from your competition. RJM Resources will evaluate and score all ancillary systems.
Fee Schedule Analysis (High/Low illustrations)
Would you like to know where your fee schedules rank against your competition? We will evaluate your fee schedules and plot them against High/Low competitor fees. In addition, RJM Resources can analyze your fee schedules against your current state fee revenue (i.e. determine how consistently fee schedules are applied to business vs. fee discounts).
Staffing Level Review
Business complexity, along with asset/transaction volumes, affects your staffing needs. RJM Resources will perform a staffing needs analysis to determine your current staff capacity and how business growth will correlate with staff changes. The answer is not always to “hire more people”.
End-Customer Deliverable Minimum Requirements
As your Trust and Wealth management business grows, there will be new solutions and tools that become “need to have” solutions. These solutions include:
- financial planning
- alternative asset offerings
- mobile apps
- complex investment strategies, and
- forecasting tools
RJM Resources will map your growth plans with distinct “need to have” solution milestones to prepare a spending and resource needs plan to prepare you for future service advancements.
Risk Evaluation and Mitigation Suggestions
The trust and wealth management business involves significant transactional and reputation risk. Many firms have been using legacy systems for years. Along with legacy systems come legacy processing. You may have also heard your folks say, “That’s just how we’ve always done it”. RJM Resources will review internal processes with a focus on risk assessment and suggest mitigation steps.