16 August 2018

5 ways to effectively manage trust accounts with CRM

By Ed Wright

Trust companies have significant responsibility as a fiduciary for trust accounts as well as being responsible for managing and protecting the assets of the trust. Trying to find ways for improving the scalability and operating efficiency of your trust company can seem like quite the undertaking. However, the benefits of straight-through-processing are clear cut: less errors and reduced processing times produce greater operating efficiency and better client service. These benefits far outweigh the short-term pain of finding a technology solution that keeps all of your data in order.

A great CRM system is critical to addressing those operational and client servicing needs!

A CRM system today should not only be a sales and marketing tracking tool; it should serve as the central information and operating platform for an organization—and this is especially critical for trust companies or family offices.

CRM systems have evolved into a mission-critical tool for effective trust company management by combining a single integrated information interface with business process management tools like automated workflows, approval processes, reviews and tickler scheduling and management. For this to be done effectively, the CRM solution provider must have deep domain expertise. In our experience working on CRM implementations for trust companies, we see 5 ways that trust companies can leverage CRM for business benefit:

  1. Manage discretionary distributions and approval processes using workflows

  2. Maintaining your trust summaries in the CRM electronically

  3. Leverage CRM as your digital trust synaptic file

  4. Automated alerts on expired allocation compliance

  5. Gain full access to view beneficiaries and third party relationships relating to the Trust

Effectively review, respond and report on the wide variety of information about your clients and trust accounts. To learn more, read our product brief on Salentica CRM for Trust & Compliance Management to see how Salentica CRM provides you with the tools necessary to be an effective fiduciary.