Case Study
Winning Held-Away Assets with eMoney
SouthState Wealth, a division of SouthState Bank, serves the many needs of customers that go beyond banking and gives them insights into their bigger financial picture with eMoney.
THE GOAL
As Director of Financial Planning for SouthState Wealth, a division of SouthState Bank, Donna Murray, CFP®, ChFC®, guides a team of wealth advisors providing financial advice to clients across six Southeastern states.
Her mission? Win clients over with a deeper level of holistic financial planning. When paired with the value proposition of the bank—a regular on the Forbes Best-In-State list—the strategic advantages add up.
From Outdated to Outstanding
Murray has always known the key role technology can play in holistic advice, having been an eMoney user at a boutique financial planning firm early in her career. When she left for a large institution using another planning platform, she felt the difference. “Using that other tool left me feeling like I’d gone back in time,” she says.
She was then recruited as part of a team lift-out to create a wealth management group at the bank, then SCBT Financial, in 2009. The idea was to serve the many needs of customers that go beyond banking and give them insight into their bigger financial picture with a full range of planning.
They said, ‘Donna, what do you need?’ and I said ‘eMoney. We’re getting eMoney. No question.’ We’ve been with eMoney now for 13 years.”
Donna Murray, CFP®, ChFC®
Director of Financial Planning for SouthState Wealth
THE SOLUTION
“eMoney and the planners that use it are a large part of our sales pitch,”
– Kathryn Diminich, CPA.
That begins with connecting accounts to the Client Portal, aggregating the details of a client’s financial life into one consolidated picture—which in turn helps gather those outside assets. Aggregation helps the bank proactively design a solution to bring a client’s assets in-house.
“Clients say, ‘Wow, this is great. I can see everything.’ Then we demo a Monte Carlo analysis in the Decision Center, and they can see how it’s interactive. I tell clients ‘This is a living, breathing plan.’”
– Kathryn Diminich, CPA
Most of all, the team appreciates how eMoney allows them to collaborate with their commercial partners and wealth management clients to expand banking relationships.
Way Beyond the Money Market Account
The Client Portal, in particular, has been a game changer. Murray tells the story of an ex-CEO who had a money market account at the bank, then wrote so many checks he incurred a fee. A private banker suggested he talk to Murray’s team. “We demoed eMoney to this huge client, and he said, ‘People have shown me stuff like this before, but they can’t ever get my accounts linked.’”
“I convinced him to try it, and all three of his connections linked. He was so amazed. Now we manage over $30 million for him, and he logs on to the eMoney portal every single day. eMoney really helped us seal the deal.”
THE RESULT
Time and again, the team’s planners prove they can meet the most complex needs, says wealth advisor George Meyls, CFP®. This leads to referrals, both internal and external.
He tells the story of a banker with a wealthy customer who traded in commercial real estate. “He had 100-plus units of commercial real estate and 10 LLCs,” Meyls says, with $25 million in loans at a competitor, and one loan for $3 million with SouthState Bank. The potential to expand the relationship was immense.
“The commercial bankers had no idea at that time the depth of planning that eMoney could do and the value we could bring to clients with complex finances. This plan changed that.”
– George Meyls, CFP®
Besting a Banking Giant
The team worked on the intricate financial plan for months, and its delivery impressed the client. “He said our competitor had never done that for him.” As a result, the client moved $6.5 million in investable assets to be managed by SouthState Private Wealth—and all of his commercial mortgages to SouthState Bank. The commercial banker, and bank leaders, were ecstatic.
“Our bank leadership has always seen the connection between wealth and commercial lending,” Murray says. “It helps create that comprehensive relationship.”
Having watched the investment program grow from $125 million to $2.7 billion, she knows their decision to use eMoney was the right one.
eMoney is a big differentiator from our competitors. There aren’t a lot of people who do holistic planning the way we do it. We’re looking at everything.”
Donna Murray, CFP®, ChFC®
Director of Financial Planning for SouthState Wealth
See What’s Possible with eMoney
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