A large Northwest bank had an opportunity to bid on a $75 million foundation account, but only had proprietary investment products. The bank knew it could not compete solely with their in-house products and searched for outsourcing options.

After a thorough due diligence process, the bank chose Concord. Within two months of embracing Concord’s open architecture solution, the bank won $70 million of the $75 million account – and today is in the running for a substantially larger account.

The bank attributes its ability to compete for business of this magnitude to its customized Concord open architecture platform

A large Southwestern bank decided that open architecture is the wave of the future. The bank was so committed to this paradigm shift that it closed all of its internal trust processes (amounting to more than $300 million in assets under management) and converted to third-party asset management through Concord’s wealth management platform. Subsequently, the bank has experienced a significant increase in client assets under management.

Separately Managed Accounts have become so pervasive that their potential has been recognized in rural banking communities. A bank in one such community was so confident that open architecture would help it compete with larger institutions that it had a conversation with a Concord representative on a Tuesday which led to a web-based demonstration on that Thursday. Maintaining this quick pace, the bank signed a contract two weeks later and within two months had a customized platform up to help manage client assets and acquire new client accounts.

Almost immediately, the bank was hired to manage a small piece of an educational foundation. Earlier, the bank had tried unsuccessfully to bid on this business with proprietary management, but lost their bid for the business due to their in-house asset management process, as well as their inability to provide AIMR (CFAI) compliant performance data.