Two-Minute Take: Association of Trust Organizations Annual Meeting

Trasha Schwender and Scott Lamont participated in this year’s Association of Trust Organizations Annual Meeting. It was a jam-packed day and a half and it was great to see so many people in this area of the industry that we haven’t seen in person in some time! We were involved in numerous thoughtful conversations about the evolution of trust organizations. Here’s our perspective on three takeaways from the meeting:

A Data Strategy Can Calm the Waves of Regulatory Change

It’s hard to understate the impact of regulatory changes around estate planning and generational asset transfer has on trust companies. As these changes often flow with the political tide they can be unpredictable. Firms work constantly to keep up with changing legal requirements that they can’t control.

This unpredictable nature of regulatory and compliance needs underscores the need for a strong data strategy and data model. A data model offers visibility into the way accounts are structured and is critical in maintaining the ability to respond to changes in the regulatory environment as well as client needs. It also enhances your ability to communicate to your client base about the impact of these changes on their trusts.

Workflows Ensure Stability in Complex Environments

Many people asked us about workflows which is great because they are really critical tools for efficiency. Trust firms are working with complicated accounts that have complicated processes for opening, many layers of people involved, many rules, as well as ongoing processing and monitoring. Investing in well designed, thoughtful workflows can vastly improve efficiency by ensuring the right information gets to the right parties in the right order.

Performance, Profitability, and Strategic Growth

Finally, we were pleased to have some important and thoughtful discussions about company performance and profitability as well as listen to a significant number of attendees talk about future strategic plans for growth. Key to these conversations is identifying the technology need to help increase profitability and understanding the value and expense that comes with it. Trust firms can also consider shifting talent resources to recognize efficiency while leveraging new automated workflows.

Two minutes wasn’t enough? Get in touch with Scott or Trasha to hear more about the industry.