Based in central Massachusetts, Rollstone Bank & Trust operates eight bank branches plus a Commercial Lending and Wealth Management Center.
The wealth management division of the community bank provides investment services, trust services, and estate planning. Historically, the division operated with five full-time employees, and thanks to Rollstone’s partnership with the Cheetah Business Process Outsourcing team, the bank has been able to grow its wealth management services without increasing its overhead.
The Challenge
Rollstone has prided itself on blending “new banking ideas with good old-fashioned customer service” since it was founded in 1846. But with a wealth management staff of five people, administrative or operational issues pose a threat that can distract the team from focusing on its customers and growing its business.
Addressing internal needs — processing paperwork, locating information for an auditor, and all the other, administrative matters — would add up and easily consume five or ten hours of the team’s time every week.
Rollstone decided to outsource back-office operations, but its operations service provider went through three acquisitions. Each time the service provider was purchased, the quality of service deteriorated.
The Solution
While pursuing an agreement with Cheetah to use the Cheetah trust accounting and wealth management software, Rollstone explored Cheetah’s BPO services. After a presentation and Q&A session, the sales team said the move would be “like going from a Hyundai to a Cadillac.”
Rollstone pairs Cheetah’s outsourcing services with the Cheetah software platform and its accompanying Cheetah PORTAL for a fully integrated and efficient front office, back office, and end-client solution. Rollstone is able to use Cheetah on the frontend, and when they have questions or issues, Cheetah’s BPO is there on the backend.
The Results
Since converting to Cheetah software and BPO services two years ago, Rollstone experienced a 21% growth in client accounts, an average account growth of 20%, and 45% growth in total assets under management.
Fewer distractions
Since partnering with Cheetah in March 2019, Rollstone Wealth Management Services has become profitable. No longer occupied by back-office needs, the Rollstone staff has been able to focus their time on their customers and attracting new business.
Limited overhead
When a member of the Wealth Management Staff retired, Rollstone did not need to replace the position because Cheetah was able to handle those responsibilities.
Saved time
One clear example of how outsourcing to Cheetah has saved time has been with the auditing process. Previously, the entire process of preparing materials and following up with the audit would take weeks. Cheetah is able to complete that work in days.
Complementary services
Pairing Cheetah’s back-office support with Cheetah software, which includes Cheetah PORTAL, has been what they call a “double whammy.”
Rollstone benefits from the efficiencies of both by leveraging the other. Cheetah software helps with the customers’ needs on the front end of the business, while BPO is there to support on the backend. And client information is immediately accessible through Cheetah PORTAL.
