Trizic: Changing the Face of Wealth Management

Drew Sievers, CEO
The requirements of corporate customers and wholesale payment businesses have been on a rise in the recent past. Alongside, the role of corporate treasurers is also evolving in such a way that they now have new expectations and requirements in terms of the data, tools, and overall experience they get from the banks. The current banking scenario also depicts that banks are losing their deposits to wealth management providers. To better address such predicaments, banks are not only working toward redefining their product offerings but also reforming their organizations. Banks need to take a holistic approach to wealth management, ensuring informed interactions that add value to all the stages of the clients’ lives.

To ensure the same, banks have now started to focus more on digitalization, automation, and efficiency to create a better environment wherein they continuously nurture innovation to reap long-term benefits. California-based Trizic supports banks in such initiatives taken toward wealth management. “Banks find it difficult to deliver wealth management services cost-effectively which is an overarching problem, and that is what we help banks accomplish. This sets us apart from everybody else in the industry,” emphasizes Drew Sievers, CEO of Trizic. The company supports such banks in delivering wealth management services to their customers in a simpler, easier, and cost-effective way through an automated wealth management platform.

Trizic’s platform provides automated digital wealth solutions to banks, credit unions, registered investment advisors (RIAs), asset managers, and brokers. “We understand the challenges faced by banks and help them retain their deposits while driving fee income,” says Sievers. Banks often have expertise in wealth management, but they lack the ability to deliver it in an automated manner. In such cases, Trizic allows the banks to leverage their own model portfolio. On the other hand, if a bank does not have any model portfolios and wishes to manage its lower balance accounts, Trizic takes its partners’ help to offer financial advice, model portfolios, or exchange-traded funds (ETFs) to the bank and then automates the processes using its platform. “We can work either way and help banks with their existing products and methodologies and make their processes digital or bring them other people’s methodologies and then automate those,” mentions Sievers.

Trizic’s modern, extensible, and robust platform has two externally facing components—investor and advisor portals. The technology behind the investor portal makes Trizic the only provider in the banking space that offers this solution as application program interface (APIs). The investor solution can be integrated into a bank’s existing online or mobile banking solution or can also be offered as a separate solution. As banks provide varied services, they prefer to have a single mobile banking solution, and Trizic’s investor portal technology supports that. The portal allows the end-users to handle their mobile banking account, check their wealth account and performance report, and manage their wealth account within the bank’s existing solution. The investor portal also provides functionality for onboarding clients and assessing their risk tolerance.

The other component—the advisor portal—is designed for a bank’s advisors and allows them to set up their models for investor portfolios and create risk tolerance questionnaires or methodologies for assessing client’s risk tolerance.
It allows advisors to score and link appropriate models with risk and also enables them to track where exactly a client is in the onboarding process. The automated rebalancing feature behind the portal allows advisors to approve new trades for the accounts that require rebalancing. The advisor portfolio lets the advisor manage his accounts, approve massive amounts of trades, and view performance reports and statement billing.


We understand the challenges faced by banks and help them retain their deposits while driving fee income


Another factor that makes Trizic unique in the banking space is the fact that it’s the only firm with a team of experts from the retail banking industry too, unlike other providers that have a team of former RIAs and wealth managers. This allows the company to add more value to its services and address customer demands effectively. Additionally, the firm’s understanding of mobile and online banking in the retail space helps Sievers to lead his team from both retail and wealth management sides of the bank.

Trizic counts FIS and John Hancock among its customers and also caters to advisors. Every client is concerned about saving time while managing their processes and Trizic helps them in doing so. The company’s platform allows the advisors to save up to 30-40 percent of the time by opening digital accounts that usually take lesser time than opening a traditional account. Earlier, banks used to spend hours or weeks on rebalancing and managing the portfolios which are now quickly done using the platform. Trizic’s strategic partnership with FIS, a global financial software provider, places it ahead of its competitors. FIS is a global provider of trust accounting systems such as TrustDesk, Charlotte, AddVantage, and GlobalPlus, solutions with over $3-Trillion in assets, and millions of accounts. Trizic creates a digital footprint for FIS and its clients by seamlessly integrating digital wealth management solutions into the trust accounting systems for account opening, trade management, and other activities.

In 2017, FIS selected Trizic as its digital wealth solution provider, creating the foundation for a successful partnership for both the companies. Trizic has also launched its solutions in collaboration with large wealth management firms like John Hancock and Manulife, which speaks volumes about the company’s scalability and capabilities.

The firm is continuously growing its network for the back-end services, trust accounting systems, and custodians. At the same time, it’s also modifying the financial planning and other strategies to address the customers’ needs. Sievers believes this year will bring several opportunities for the company such as bank signings and deployments. Recently, Trizic closed a funding of $10 million, and Sievers believes it to be an exciting time to accelerate the business and hire new staff as financial institutions are looking for ways to grow and retain their deposits.

Company
Trizic

Headquarters
San Rafael, CA

Management
Drew Sievers, CEO

Description
Provides digital wealth management solutions to the banks, credit unions, registered investment advisors (RIAs), asset managers, and broker dealers

Trizic