National Exchange Bank & Trusts’ trust department, established in 1975, operated with minimal evolution in its systems and processes until a change in leadership in 2022.
Recognizing inefficiencies and the need for modernization, Adam Stone, the new Trust Division President, aimed to reshape the department into a scalable, and customer-centric business unit. This transformation at the Wisconsin-based National Exchange Bank & Trust (NEBAT) required a reimagined technology stack and streamlined approach to portfolio management to support Stone’s vision.
It’s Time For A Change
NEBAT had run its trust department for decades with a traditional approach, and the bank faced outdated pricing structures, cumbersome workflows, and a reactive business approach. The trust department struggled to scale due to:
- Expensive portfolio management: The trust department relied on a partnership with a legacy broker-dealer to deliver portfolio management, which affected productivity and created confusion for clients.
- Operational inefficiencies: Complex, multi-step processes requiring multiple software systems and sign-ons.
- Outdated technology: Legacy trust accounting systems lacked integration and modern portfolio management capabilities.
- Competitive pressure: The department was competing for business with independent financial advisors and other broker-dealers.
- Lack of scalability: Staff spent more time managing accounts than pursuing growth opportunities.
The goal was clear: Adopt tools that would simplify operations, align with the new vision of efficiency, and position the trust department for growth in an evolving financial landscape.
“Trust – as a whole – has historically been a one-way-to-do-it kind of business,” Stone explained. “In the past, the departments made money, and they were good at what they did. But the world is changing, and you better change with it or you’ll get left behind.”
The Solution: Cheetah + AssetMark
NEBAT selected Cheetah’s trust accounting software integrated with AssetMark’s wealth management platform, a first-of-its-kind solution in the trust industry. By combining trust and investment capabilities, the bank is evolving into a competitive wealth management provider.
“With Cheetah and AssetMark, you can do more with less people,” Stone said. “And then bringing in AssetMark, we could go sell wealth management capabilities. We could have business development out on the streets working deals.”
The Cheetah and AssetMark combined solutions are expected to benefit the bank with:
Operational efficiency
- Unified systems: The Cheetah platform eliminated the need for multiple logins, consolidating accounting, trading, and reporting into a single, user-friendly interface. Staff now manage accounts with fewer resources, enabling cost savings.
- Bi-directional API integration: AssetMark’s integration with Cheetah streamlined updates and data sharing between platforms, reducing manual intervention.
Enhanced investment management
- Wealth management capabilities: AssetMark is bringing its investment management experience within the trust platform, providing managed portfolios and risk-based solutions.
- Increased efficiency: Transitioning from the bank’s broker-dealer model to AssetMark’s managed platform is reducing operational costs and improving efficiencies.
- Simplified fee structure: A unified fee schedule replaced disparate charges between the trust and brokerage sides, aligning client and internal expectations and enhancing customer satisfaction.
Scalability and growth
- Refocused team efforts: Automation allowed staff to shift from operational tasks to business development.
- Streamlined referrals: The new approach allowed for unified messaging across the bank, making it easier for commercial lenders and other departments to refer clients.
The Result: Modern, Scalable, Ready To Compete
Growth remains a key focus for NEBAT over the coming years. The transformation positions the trust department as a modern, scalable business unit ready to compete in the evolving financial landscape. NEBAT’s vision for efficiency, supported with the services integration of Cheetah and AssetMark, shifted the bank’s focus from managing legacy systems to driving growth.
“This took away my pain,” Stone said. “I believe this will grow business without us even working at it.”
A Model For Modern Trusts
National Exchange Bank & Trust demonstrates the transformative power of combining the right technology with a clear vision. The integration of working with Cheetah and AssetMark is poised to resolve long-standing inefficiencies and is paving the way for scalable growth for the bank’s wealth management strategy.
By embracing this change, NEBAT serves as a model for how trust departments can evolve to meet modern trust clients, and be competitive in a rapidly changing industry.
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, Cheetah, and NEBAT are separate and unaffiliated companies. Each party is responsible for their own content and services.
Request A Consultation
Cheetah is an essential part of any growth strategy. You too can race past business milestones and crush expectations with Cheetah on your side.
