Non-trust institutions are embracing technology that was once the exclusive province of bank trust departments.
San Francisco, CA (PRWEB) June 01, 2011
Readers of the Trust Advisor Blog, the first publication focused exclusively on developments in the trust services industry, have named AddVantage from SunGard Data Systems Inc. as their favorite trust accounting system.
Competing platforms from Citi Wealth Services, HWA International Inc. and Fi-Tek LLC all received high marks in the industry survey, says Trust Advisor Blog senior editor Scott Martin.
"Trust company personnel and consultants alike had nothing but praise for AddVantage as one of the most powerful accounting platforms out there," he explains. "But they recognized that other vendors offer comparable solutions to the majority of trust companies and family offices at a more realistic price."
In fact, while AddVantage was the only trust-centered accounting platform to rate five out of five stars on the Trust Advisor Blog scale, its focus on high-volume users with more than $2 billion in assets under administration priced it out of the range of many Trust Advisor Blog readers.
OpenWealth from Citi Wealth Services, TrustPortal from Fi-Tek and a pair of platforms from HWA -- TrustNet and Trust Processor -- were among the products earning four stars and open explicitly to smaller trust companies or non-traditional users like family offices and law firms with in-house trust operations.
"These platforms are becoming crucial to the operation of a wider range of wealth management firms than ever," Martin says. "In a fragmented marketplace, non-trust institutions are embracing this technology that was once the exclusive province of bank trust departments and independent trust companies."
The rankings were compiled from balloting and interviews with industry consultants and users themselves.
The full rankings and accompanying explanations can be found at the Trust Advisor Blog website: http://thetrustadvisor.com/news/accounting2011
About The Trust Advisor Blog
The first independent publication focused on following wealth management news from a trust-centered perspective, The Trust Advisor Blog has been giving thousands of professionals -- trust officers, administrators, investment advisors, estate planners -- a weekly must-read update on industry developments since July 2009.