A first-of-its kind wealth management solution
Headquartered in Gainesville, Texas, First State Bank implemented the new Cheetah and AssetMark unified wealth management solution in January 2024, and the results have been “powerful and compelling” according to Curtis Groves, Senior Vice President of Wealth Management & Trust.
Curtis Groves, Senior Vice President of Wealth Management & Trust
Cheetah is a cloud-based trust accounting platform, and AssetMark is a leading turnkey asset management provider. The two companies have joined forces to deliver a first-of-its-kind, unified wealth management solution. First State Bank (FSB) is among the first clients to benefit from this high-impact collaboration to enhance scalability, efficiency, and profitability.
“The collaboration between Cheetah and AssetMark elevates our offering,” Groves said. “We’ve seen positive results in terms of traction and new accounts.”
About First State Bank
Chartered in 1905, FSB is the oldest state bank in Texas and has offered trust services since 1982. As a community bank, FSB has adopted a “work smarter” mentality to help it improve profitability, win new clients, and compete against larger regional and national financial services providers.
The leadership at FSB has invested heavily in cutting-edge technology and strategic outsourcing to ensure that the bank prioritizes talent and labor where it will have the biggest impact — business development. In recent years, the bank began outsourcing investment management services to AssetMark to improve efficiency and scale its wealth management business.
“Firepower” with AssetMark
AssetMark, according to Groves, helped FSB to compete in the increasingly complex investing world and to provide sophisticated strategies in a way that was cost-effective. Trust clients, he said, appreciated the curated process, the investment analytics, and the support that AssetMark provided.
AssetMark’s industry expertise and technology, Groves said, also enabled the bank to restructure in a way that gave FSB enhanced control over investments and strengthened client relationships.
“We have firepower with AssetMark working behind the scenes,” he said. “And we also have that efficiency so that our team can focus on sales and service.”
The challenge: Create a seamless experience with trust investments
Unfortunately, FSB’s trust accounting platform — a legacy system — was clunky, siloed, and obsolete. It couldn’t keep pace with AssetMark’s cutting-edge technology.
Transferring data from AssetMark to the trust accounting platform was labor intensive and accounts didn’t always balance, which required manual reconciliation. Furthermore, opening new accounts took too long.
FSB needed a high-tech trust platform with time-saving automation, a system that would complement AssetMark. Furthermore, Groves wanted a system that would elevate both the client and employee experience and show the communities FSB serves that the bank was committed to creating long-term success.
Cheetah and AssetMark, a winning combination
Already an AssetMark client, FSB converted its trust business to Cheetah in January 2024.
Groves said FSB chose Cheetah for two reasons. First, the two businesses share a commitment to making their communities a better place to live. Second, the bank appreciated Cheetah’s commitment to improvements and track record of meaningful software updates.
“With some of the legacy trust systems, the underlying technology is 30 years old,” Groves said. “With Cheetah there is a clear embrace of staying current with technology. That’s what I think of in terms of this synergy with Cheetah and AssetMark. We are the beneficiaries of that.”
The decision to go with Cheetah happened before the two providers announced a strategic collaboration to join forces.
Since the conversion, AssetMark and Cheetah have completed an initial data integration for FSB and are nearing the completion of new workflows to deliver real-time account opening and other enhanced integration features.
Already, the AssetMark onboarding process for FSB has been cut down, due to Cheetah efficiencies. Furthermore, Groves described the Cheetah and AssetMark integration as a “cost-effective force multiplier” that has helped FSB become more competitive, re-establish its brand, and deliver the type of tailored investment solutions that today’s trust clients expect.
Benefits to trust providers
- Scalable investment strategies
- Curated products relevant to investors
- Cost-effective research and analytics
- Top-notch service
- Automations that reduce manual input
- Reduced labor costs
- More time to focus on growth
- Insights from industry experts
From “good to great”
The full integration for Cheetah and AssetMark will be available to FSB and other trust providers in Fall 2024, resulting in a seamless, comprehensive wealth management solution.
FSB is already considering how it can leverage this modern technology to add new revenue streams and channels.
“We are counting down that’s for sure,” Groves said. “We’ll be going from good to great. The cost of banking is staggering. Compliance and regulations hold you back and take up time. Anything to cut through that, to be more efficient, to have more automation – that’s just table stakes.”
Get the information sheet
Efficient operations and enhanced investment capabilities are essential to any trust provider looking to grow. Deliver more for your clients with Cheetah and AssetMark on your side.
Visit cheetahinc.com/assetmark to download an information sheet.
AssetMark Cheetah, and FSB are separate and unaffiliated companies.
IMPORTANT INFORMATION
This is for informational purposes only, is not a solicitation, and should not be considered investment, legal or tax advice. The information has been drawn from sources believed to be reliable, but its accuracy is not guaranteed, and is subject to change.
Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results.
AssetMark, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. AssetMark and third-party strategists and service providers are separate and unaffiliated companies. Each party is responsible for their own content and services.
