First Merchants Private Wealth Advisors Adopts SS&C Trust Suite

Rhea-AI Summary

First Merchants Private Wealth Advisors, managing over $4B in assets and advising on over $8B, has implemented SS&C Trust Suite to support its private banking and trust businesses. The decision came after a six-month RFP process, driven by the platform's high integration capabilities.

The implementation includes the Black Diamond® Wealth Platform for data aggregation and performance reporting, InnoTrust accounting solution, and Salentica Elements CRM. The cloud-based solution aims to provide scalability and enhanced performance as First Merchants expands its presence across Indiana, Ohio, and Southeast Michigan.

Positive

• Management of $4B in assets and advisory on $8B demonstrates significant market presence
• Geographic expansion into Ohio and Southeast Michigan shows growth trajectory
• Implementation of integrated cloud solution indicates technological advancement and operational efficiency

Negative

• Legacy system limitations required complete platform overhaul

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WINDSOR, Conn., Dec. 10, 2024 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced First Merchants Private Wealth Advisors, a unit of First Merchants Bank, has implemented the SS&C Trust Suite to support its private banking and trust businesses. SS&C was chosen following a rigorous, six-month RFP and review process of several technology and service providers. The decision was driven by the high level of integration among the trust platform's components and the team's support.

"We're excited to partner with SS&C to accelerate the growth of our private wealth business," said Mark Hardwick, CEO of First Merchants Corporation. "Their cloud-based solution provides the scalability and performance we need to meet the evolving needs of our clients, both today and in the future."

Based in Muncie, Indiana, First Merchants Private Wealth Advisors has over $4B in assets under management and advises on over $8B in assets for families and institutions. The firm has a record of growth, both organic and through acquisition, expanding into Ohio and Southeast Michigan in recent years. As business was growing and client needs were evolving, First Merchants outgrew its legacy trust accounting system, CRM platform, and investment reporting tools. As a holistic wealth advisory firm, they sought a more integrated, scalable solution for both their advisors and clients, ultimately selecting SS&C.

The SS&C Trust Suite combines a comprehensive, cloud-delivered platform with managed operational services, enabling trust providers to streamline workflows and improve operational efficiency. The Suite delivers a modern, interactive client experience and seamlessly integrates functionality from across SS&C's wealth offerings, including:

• The Black Diamond® Wealth Platform for data aggregation, performance reporting, and financial planning
• InnoTrust principal and income accounting solution and Managed Services for outsourced back-office operations
• Salentica Elements, a CRM solution purpose-built for investment management businesses

"We are thrilled to serve a landmark Indiana institution doing great things," said Bill Stone, Chairman and CEO. "SS&C's breadth and depth of offerings and the expertise and dedication of our team enabled us to deliver on everything First Merchants required to take their operations to the next level."

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.

Additional information about

SS&C (Nasdaq: SSNC) is available at www.ssctech.com. 

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SOURCE SS&C

FAQ

What is the total assets under management for First Merchants Private Wealth Advisors?

First Merchants Private Wealth Advisors manages over $4 billion in assets and advises on over $8 billion in assets for families and institutions.

What solutions are included in the SS&C Trust Suite implementation (SSNC)?

The SS&C Trust Suite implementation includes the Black Diamond® Wealth Platform for data aggregation and reporting, InnoTrust accounting solution, and Salentica Elements CRM solution.

Which regions does First Merchants Private Wealth Advisors operate in?

First Merchants Private Wealth Advisors is based in Muncie, Indiana, and has expanded into Ohio and Southeast Michigan.