OAKS, Pa., May 14, 2018 – SEI (NASDAQ:SEIC) today announced that Bremer Bank will adopt the SEI Wealth PlatformSM (the Platform) to enhance efficiency, support growth into the high-net-worth market and provide a holistic experience for their end-clients. The Platform is a fully-integrated, single-infrastructure wealth management solution developed to support client relationship management, including front-, middle-, and back-office services. This news was first announced during SEI’s first-quarter 2018 earnings call.
“We are in the midst of a wealth management evolution, and we are excited to provide Bremer Bank with a unified wealth platform that will improve efficiency while creating scale and capacity, unlocking potential for future growth,” said Al Chiaradonna, Senior Vice President of Private Banking at SEI. “As technology rapidly changes, consumer demand for a transparent, streamlined user experience increases. The SEI Wealth Platform will help enable Bremer to cultivate deeper interaction between their clients and wealth managers in a cohesive digital environment.”
Bremer Bank will migrate their existing book of business, which is roughly 3,700 accounts totalling $4.5 billion in assets under administration (AUA), from SEI’s legacy platform, TRUST 3000®, to the SEI Wealth Platform in late 2018. An SEI client since 2011, Bremer Bank will utilize SEI’s state-of-the-art technology to provide:
- Automated workflows that boost efficiency and transparency with straight-through processing
- Improved data accuracy and reduced manual reconciliation
- Customization for daily management of investment portfolios
Our clients are our top priority, and the SEI Wealth Platform will allow us to deepen those relationships by refining the wealth advice process,” said Craig Ordal, President, Bremer Trust National Association. “The Platform’s modern technology simplifies on-boarding and portfolio management, enabling us to provide an increased level of intimacy for our clients.”
The SEI Wealth Platform has gained significant market momentum since its 2013 U.S. launch. Of the 21 clients that have signed on to adopt the Platform, 13 private banking firms have already installed, and another eight clients are in various stages of implementation.
Bremer Financial Corporation is a privately held, $12 billion regional financial services company jointly owned by the Otto Bremer Trust and Bremer employees. Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, mortgage, investment, wealth management, trust and insurance products and services throughout Minnesota, North Dakota and Wisconsin. Clients include small businesses, mid-sized corporations, agribusinesses, nonprofits, public and government entities, and individuals and families.
About the SEI Wealth PlatformSM
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organizations with the infrastructure, operations, and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 158 stock exchanges in 56 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment.
Now in its 50th year of business, SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $869 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $335 billion in assets under management and $530 billion in client assets under administration.