Partnering solutions for wealth managers looking to exit the trust and fiduciary sector

WHY EXIT THE TRUST AND FIDUCIARY SECTOR?

Our experience is that selected wealth managers, private banks inparticular, are looking to exit the trust and fiduciary sector. This is

due to a number of reasons, including:

  • A prioritised focus on building assets under management.
  • Insufficient reward for the risk associated with maintainingrobust internal infrastructure and capability against a backdropof constant regulatory change and increasing cost.
  • Increased client need for multi-jurisdictional expertise that the wealth manager can only meet through a strategic partnership.
  • Access to service expertise in a 24/7 environment.

KEY BENEFITS OF PARTNERING WITH US

Whatever the motivation, the benefits to the wealth manager of  partnering with us include:

  • Seamless transition of client transfer by:
    • Understanding the wealth manager’s goals.
    • Minimising impact on the wealth manager and its clients.
  • Possible revenue streams emerging.
  • Dealing with a partner with extensive experience and expertise in bulk on-boarding of clients.
  • Effective and efficient meeting of the wealth manager’s institutional objectives.

PARTNERING SOLUTIONS

Through our experience in implementing such solutions, we have established processes for dealing with the transfers from both an institutional and private client perspective.

From experience, we are acutely aware of the sensitivities that can surface during the transfer process and recognise that it is typically a priority to ensure that the process is as seamless and efficient as possible in order to maximise client satisfaction.

Quite simply, it is our commitment to our strategic partners and their clients to deliver on these priorities - this is our reputation and practice.

While the processes do vary depending on the engagement, it commonly entails the following:

Process for implementation at institutional level

CONNECT DISCOVER DEFINE PROCESS COMMUNICATE

Initial high level meeting and execution of nondisclosure document.

Detailed meeting to understand scale, timelines, priorities and sensitivities.

Documentation of scope and agreeing terms of strategic relationship (including commercial terms).

Agree the process inclusive of:

  • Template documentation
  • Communication
  • KYC requirements

Agree communication to clients including the specifics of the transfer process.

 

Process for dealing with clients

COMMUNICATE

DEFINE

TRANSFER

EXCHANGE

ENTRUST

Communication to clients:

  • Visitations
  • Meetings
  • Telephone

Provide proposal including scope of services and terms of business.

Agree client specific transfer documentation with strategic partner.

Provision of CDD/KYC.

Execution and exchange of transfer documentation (including bank account mandates).

Formal take-on:

  • Physical transfer of records
  • Acceptance of trust property
  • New trustee/director
  • New bank account mandates