When First State Bank (FSB) was shopping for a new trust accounting system, a top priority was to find something that would work well with its existing investments platform.
So, in 2023, FSB’s wealth management executives chose Cheetah, a premier trust platform renowned for innovation and time-saving automations. Curtis Groves, First State Bank’s Senior vice President of Wealth Management & Trust, said FSB was optimistic that Cheetah’s cutting-edge technology would make data sharing with AssetMark, the bank’s turnkey asset management provider, much easier.
What Groves and others didn’t know was that behind the scenes the two companies were already working together on a first-of-its-kind, unified wealth management solution, one that would revolutionize the way FSB did business and earn praise from Groves as a “cost-effective force multiplier.”
“The collaboration between Cheetah and AssetMark elevates our offering,” Groves said. “We’ve seen positive results in terms of traction and new accounts. The streamlined integration allows us to focus on growth and service delivery.”
A Solution Tailor-Made for the “Work Smarter” Executive
Chartered in 1905, FSB is the oldest state bank in Texas and has offered trust services since 1982. As a community bank, FSB has adopted a “work smarter” mentality to help it improve profitability, win new clients, and compete against larger regional and national financial services providers.
The leadership at FSB has invested heavily in cutting-edge technology and strategic outsourcing to ensure that the bank prioritizes talent and labor where it will have the biggest impact — business development. In recent years, the bank began outsourcing investment management services to AssetMark to improve efficiency and scale its wealth management business.
AssetMark, according to Groves, helped FSB to compete in the increasingly complex investing world and to provide sophisticated strategies in a way that was cost-effective. Trust clients, he said, appreciated the curated process, the investment analytics, and the support that AssetMark provided.
AssetMark’s industry expertise and technology, Groves said, also enabled the bank to restructure in a way that gave FSB enhanced control over investments and strengthened client relationships.
“We have firepower with AssetMark working behind the scenes,” he said. “And we also have that efficiency so that our team can focus on sales and service.”
A Better Trust Platform
Groves wanted a new trust system that would deliver efficient, scalable service. He wanted to elevate both the client and employee experience and show the communities FSB serves that the bank was committed to creating long-term success.
In January 2024, FSB went live on both Cheetah and AssetMark systems and noticed immediate results, including that the onboarding process for new customers was significantly faster than in the past. By fall, the two companies delivered new, unified workflows that further streamlined FSB's operations, reducing manual tasks and enhancing data management.
Cheetah’s high-tech platform perfectly complements AssetMark’s offerings. Together, Cheetah and AssetMark deliver:
- Scalable investment strategies
- Curated products relevant to investors
- Cost-effective research and analytics
- Top-notch service
- Automations that reduce manual input
- Reduced labor costs
- More time to focus on growth
- Insights from industry experts
"With some of the legacy trust systems, the underlying technology is 30 years old," Groves said. "With Cheetah there is a clear embrace of staying current with technology. That’s what I think of in terms of this synergy with Cheetah and AssetMark. We are the beneficiaries of that.”
Leveraging the Power of Two Premier Providers
FSB is now exploring new opportunities to leverage this modern technology to expand its offerings and generate additional revenue streams.
The Cheetah and AssetMark collaboration works so well for banks and trust providers because both companies share the goal of empowering clients to grow their business, according to Cheetah CEO Adam Unger.
“Ultimately, this alliance is about seeing where wealth management is moving and crafting an innovative solution that strengthens our clients’ position as market leaders.”
Matt Matrisian, Senior Vice President and Head of Client Growth at AssetMark, agreed.
“By integrating advanced technology and automation, we're enabling banks to streamline their operations and focus more on building client relationships and driving growth. The success FSB has achieved is a testament to the powerful efficiencies and competitive advantages this collaboration offers."
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7280672.1 | 11-2024 | 11/13/2026
