Conversion Made Easy: Switching to a New Custodian

Posted by Mark Piquette on June 17, 2014

Casey Hunt dreamed of having a one-stop shop for back-office solutions, data reconciliation, reporting and Customer Relationship Management (CRM). For years, he had multiple in-house employees manage those functions. He later outsourced to another company, but then ended up hiring more client employees because of the drain on resources created by back-office efficiencies.  There were too many redundancies in his business. Eventually, Casey partnered with Trust Company of America.

The decision to switch custodians can be nerve-wracking. As TCA’s Christina Pischel explained in a recent Genius Session with Casey and Kelly Giavando of St. Louis Financial Planners, many firms are worried about the amount of time and resources required to make a conversion. But TCA makes it easy by bearing the full burden of the conversion, including:

  • opening all accounts
  • pre-populating forms
  • notifying clients
  • processing forms as they come in

Having one point of contact ensured the transition was smooth, according to Casey and Kelly. Christina talked to Kelly on the phone almost every day, and the TCA team visited the St. Louis office to process paperwork and ensure the transition was seamless. Now, Casey once again has control over his business; he’s able to manage trades and the day-to-day operations. Tasks that used to be complicated, like a distribution to a client bank account, can now be completed with two clicks of a mouse. Converting has saved the firm money and made the business more efficient. Casey and his team can now offer multiple strategies, and eliminating the third-party outsourcing of data aggregation has freed up at least one employee to do other things, like build a new website.

For more information on how Trust Company of America can assist your firm in switching to a new custodian, visit www.trustamerica.com or call 303-705-6000

 

 

 

 

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