-New capability brings beneficiary designation into account opening to help retain deposits across generations-
Prismm, an estate orchestration infrastructure platform for banks and credit unions, announced Prismm Designate, a solution designed to help financial institutions identify beneficiaries earlier, build relationships and retain deposits when wealth transfers occur.
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The institutions that thrive through the wealth transfer will be the ones that already know the beneficiary. Prismm Designate makes that the default at the moment an account is opened, years before it matters.
An estimated $124 trillion in wealth is expected to change hands over the next two decades, creating a retention challenge for financial institutions whose account holders have not named beneficiaries or established relationships with future inheritors.
Prismm Designate incorporates beneficiary designation into the account-opening process and keeps beneficiary information aligned with the institution’s systems. The solution also helps institutions identify existing accounts without beneficiaries on file and quantify the related deposit exposure.
“Banks and credit unions spend enormous effort winning a customer and almost none preparing for the day that customer’s money passes to someone else,” said Martha Underwood, founder and CEO of Prismm. “The institutions that thrive through the wealth transfer will be the ones that already know the beneficiary. Prismm Designate makes that the default at the moment an account is opened, years before it matters.”
By helping institutions capture beneficiary information earlier, Prismm Designate supports deposit retention, reduces the operational burden of settling accounts after death and gives financial institutions a path to begin relationships with the next generation of account holders.
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