First Rate Lightning Enhances Community Trust Bank Experience

Client Situation

The firm is unable to report performance accurately in quality reports, efficiently at the end of each month.  

Client Challenges

Performance is not calculated accurately, and the current vendor does not scrub the data, producing questionable results. The firm does not have the staffing or resources with adequate expertise to identify issues in order to maintain accurate existing client information while also pursuing new clients.  

What the Client Wanted

A solution that provided reports which presented a meaningful investment story for their clients. They wanted an edge in their competitive market through a vendor who understood the needs of a community trust bank offering a streamlined, easy-to-use system for delivering accurate and sophisticated client reporting.  

What First Rate Provided

First Rate Lightning – a turnkey performance measurement and client reporting solution that gives the community bank access to a tier-level solution to process accounts. The firm is able to leverage the expertise of performance specialists through Lightning’s back-office support along with access to a client-side browser application for accessing enhanced reporting with graphics, analytics and the trust bank’s branded look and feel that was not available with their previous vendor.  

The Impact

The firm now has the ability to more effectively communicate performance of their investment strategies to their clients and compete with larger national banks, brokers and registered investment advisors. In addition, Lightning offers internal investment managers greater flexibility through reporting options, and a tiered service agreement. All this has allowed the firm to evaluate their performance accurately and in a compliant manner, helping retain existing clients while placing them in a position to market to a broader base of investors for business growth.