SEI today announced that Washington Trust Bank's Wealth Management & Advisory Services will adopt SEI's fully-integrated wealth management solution, the SEI Wealth Platform(SM).
Washington Trust Bank is SEI's first U.S.-based, non-renewal client to sign on with the Platform. In signing the multi-year agreement, Washington Trust Bank will have access to SEI's end-to-end, open-architecture solution that supports all stages of the client relationship, including front-, middle-, and back-office processing services. When the conversion is complete, Washington Trust Bank will have 2,100 accounts and over $3 billion in assets under administration on the Platform. SEI first announced Washington Trust during its first-quarter 2013 earnings conference call.
"SEI's strategic partnership with Washington Trust Bank marks exciting U.S. growth for the SEI Wealth Platform," said Al Chiaradonna, Senior Vice President, SEI Wealth Platform. "A key goal for Washington Trust is increasing employee productivity and efficiency, and we are confident that switching to the Platform -- rather than continuing to use multiple, disparate systems -- will help Washington Trust achieve these goals. We look forward to working with Washington Trust, moving its end-client experience to the next level, and bringing its business into the future. This also represents another major milestone for SEI in the U.S. market. The momentum behind the SEI Wealth Platform is very exciting."
Washington Trust Bank's Wealth Management & Advisory Services offers a broad range of investment, trust, and estate planning expertise to guide individuals, families, entrepreneurs, companies, and professionals through complex financial decisions. Washington Trust Bank is the largest independently owned bank headquartered in the Pacific Northwest.
"When we learned the depth and advanced capabilities of the SEI Wealth Platform, it was obvious that SEI was the sole provider we wanted to work with moving forward," said Robert Blume, Managing Director of Wealth Management & Advisory Services, Washington Trust Bank. "The SEI Wealth Platform provides us with a single infrastructure that we know will help us streamline our systems and eliminate many manual data and compliance processes. Furthermore, their superior functionality is going to give us a significant advantage in the front office, which will allow us to strengthen our client relationships. We couldn't be happier to announce this partnership."