Trust expert Becky Kelly will update you on the latest trust news
If you cause a fender bender, you could end up in in court within months.
On the other hand, if you make a mistake in the trust industry, you likely won’t see a courtroom or a deposition table for 20 years.
“Usually, it’s not your current client who sues you,” said trust industry expert Becky Kelly. “It’s their children. So, 20 years from now, lawyers could be asking you if you remember what went on. And you’ll say ‘No’.”
Our memories are rarely as accurate as we need them to be. That’s why having a trust management system with great record-keeping features is critical for reducing legal exposure, Kelly said.
Kelly and Roger Pond, both of the Fiduciary Education Center, will present together twice at the Hunt, Cheetah’s national client conference, Nov. 14-17, in Greenville, S.C. In their general session presentation, they will cover hot topics in the trust business, including lawsuits where trust departments have been sued.
“We’ve had some very interesting cases this year,” she said.
Attendees will learn what led to the lawsuits and what lessons they can take away to safeguard against risk and better serve their own clients.
The future of operations
Kelly and Pond also will be presenting to operations professionals at the Hunt. In that conversation, they will talk about hot topics such as artificial intelligence, disaster preparedness, and compliance.
Kelly said she sees a lot of potential for AI in financial services in the near future. AI, she said, could facilitate more information sharing through sophisticated account aggregation and automated reporting, so that trust professionals have a more comprehensive understanding of their clients’ entire financial lives.
One significant difficulty in financial planning is getting the client to gather and deliver their financial information. With so many statements already available in digital form online, AI could certainly help address this headache, Kelly said.
“Sometimes you don’t really know all the pieces and you’re working in the dark,” she said.
At the same time, there is risk right now in relying too much on an underdeveloped technology. She noted some high-profile cases wherein professionals received incorrect information from artificial intelligence programs about taxes and case law.
“Attorneys are using AI to gather information,” she said. “There was a situation not long ago where a guy brought seven cases, and they were all wrong.”
In other words, the old adage of “trust, but verify” is especially relevant right now as you incorporate artificial intelligence into your processes.
Learn more at the Hunt
You have the opportunity to hear Kelly and Pond share industry stories and dish out advice in person at the Hunt, where you’ll be joined by more than 100 trust and wealth management professionals.
You can network with others who are just like you—seeking ways to grow, increase efficiencies, and serve their clients better.
You’ll get a firsthand look at Cheetah’s product roadmap and how it will advance trust and wealth in the digital age. You’ll learn from Cheetah team members and industry thought leaders in three tracks: executive, operations, and investments.
The Hunt will take place at the beautiful Hyatt Regency in Greenville.
