With each new client, trust and wealth organizations take on many responsibilities. Not only are trust companies working to build lasting personal relationships with their clients, but they also want to offer superior customer service. Unfortunately, depending on the type of trust a client has, many back-office and day-to-day tasks can take a portfolio manager away from providing an outstanding client experience. This is especially true for clients who hold real estate in their trust, as this can mean they handle time-consuming processes outside their scope of knowledge.
Bringing in an experienced managed services team to support your business empowers you to outsource specific tasks that can free your time and transform your practice. For example, securing insurance on an unoccupied dwelling can be difficult because insurance companies recognize them as a higher risk. Having someone available outside of your organization with knowledge and experience in this area can help you secure coverage on a client’s unoccupied dwelling, providing the protection needed for the asset.
Another benefit of including managed services in your operations is allowing them to research and explore options that can save money and provide better value to your clients. The team can work with you and insurance brokers to obtain master trust insurance programs. These insurance programs typically provide better coverage, including significantly higher liability limits.
Working with an experienced managed service team can also help your clients before and after natural disasters. If you are in Missouri and have clients in Florida, you may not know precisely what needs to occur to help them prepare for a hurricane. Knowing the possible path of a major storm, your team can pull a list of properties in the area and arrange to have them prepared. Depending on the property’s location, the team can board up windows or bring in sandbags. Once the hurricane passes, your team can send inspectors to survey those properties for damage. If they find impacted properties, the team can arrange for emergency repairs like tarping a damaged roof, requesting bids for repairs, and filing insurance claims.
A managed services team would also be able to help after events like tornados and hailstorms, where there is little time to prepare before the event occurs. Looking at impacted areas, the team can find potentially affected properties, send out inspectors, and arrange repairs and insurance claims if necessary. Having an experienced managed services group behind you allows you to delegate tasks, freeing you to personally check on your client’s wellbeing and assist in any other way they might need.
SS&C Innovest has provided customized outsourcing solutions and Managed Services for over 25 years. Scores of organizations across the country, from community banks to national organizations, empower SS&C Innovest to manage these services on behalf of their clients. Client ﬁrms are empowered to right-size the Managed Services solution that suits their organization. As some Managed Services offerings are available a la carte, an organization is able to retain specific roles.