Nevada-based IconTrust opened in Fall 2020 with a strategy to deliver premier customer service and do it affordably.
The company’s founders knew they would need to build their business from the bottom up around a single, fundamental principle — efficiency. In three years, IconTrust has grown to 1,300 accounts and more than $3B in assets under management, far exceeding expectations.
The story of IconTrust
Experienced trust professionals Brian Simmons, Gino Pascucci, and Robert Bruderman opened IconTrust with a simple plan to do one thing but to do it incredibly well — provide trust administration services with the highest level of customer service.
The company runs “lean and mean” by investing in productivity-enhancing technology and outsourcing. It receives most of its business from relationships with attorneys who share their service mindset.
The initial plan
Open 130 new trust accounts per year
IconTrust measures success based on the number of accounts, and not necessarily in assets under management. Success, according to the company’s original pro forma financial projections, was to open 130 new accounts a year.
Why IconTrust chose Cheetah
Delivering exceptional services affordably requires that IconTrust take a streamlined approach to trust administration.
IconTrust chose Cheetah because it understood Cheetah had the best technology, with an open architecture and scalable, cloud-native computing. Furthermore, IconTrust saw a kindred spirit in an innovative technology provider that is passionate about client success, obsessed with efficiency, and growing rapidly.
The company also appreciated Cheetah’s superior integration capabilities and flexibility on everything from account numbering to asset names and asset structuring. With Cheetah, they could run their business the way they wanted to, with a focus on service-performance, and growth.
By choosing Cheetah, IconTrust has been able to:
- Keep fees affordable and appealing.
- Devote more time to marketing.
- Devote more time to client and prospect communication.
- Devote more budget to hiring the best talent.
The results
Average 400+ new accounts per year; $3B AUM
With Cheetah, the company passed its critical milestones early and smashed its pro forma expectations.
Instead of winning about 130 new accounts per year, it has averaged around 400.
Furthermore, IconTrust raced to $1B in assets under management. The company passed that milestone in about a year, and doing so was a turning point that allowed the company to market itself more easily.
“All that growth gave us validity and cachet,” Simmons said. “And that led to another surge in growth.”
IconTrust now counts in excess of $3B in AUM.
“With Cheetah, we can run our business the way it needs to be run and in a way that makes sense for our clients” Simmons said.
Request a consultation
Whether you are a new trust company like IconTrust or a time-tested bank looking for a change, Cheetah is an essential part of any growth strategy. You too can race past business milestones and crush expectations with the right partner on your side.
Schedule a consultation today.
