BECU Trust Services: A Blueprint for Success
Members Trust Company merged with BECU Trust Company, a wholly owned subsidiary of BECU, on July 1, 2013 resulting in MTC, DBA BECU Trust Services. The union combined BECU Trust Company’s previous success with Members Trust Company’s national reach, comprehensive trust and investment management services and financial capacity. Prior to the merger, BECU Trust Company had built a strong reputation with a commitment to serving its members. In just 10 short years, the company—which was built from scratch—fully engaged with the Washington legal community and experienced tremendous growth. The organization’s success is a testament to the ingenuity and determination of BECU Trust Company’s leadership and serves as a detailed blueprint for building a successful trust services department. In fact, BECU Trust Services is one of the most successful agency offices at Members Trust Company, having grown its trust assets under management approximately 40% from 2013-2018.
Modest Beginnings
BECU Trust Company officially opened its doors in March 2003. The organization was staffed with just two people, one of which was Linda Davenport, the company’s current vice president and senior trust officer. The firm was essentially a start-up and resources were limited. There were no computers and Davenport and her colleague had to share a bottle of Wite-Out. Luckily, creativity was in abundance. The small team worked hard to develop a comprehensive grassroots marketing strategy aimed at: (1) connecting with the local legal community; (2) building the framework to facilitate incoming and outgoing referrals; and (3) educating members about the benefits of developing an estate plan and the importance of choosing wisely when selecting a trustee. And, since 2013 they have continued to build and refine upon those efforts all while their team and assets grew.
BECU Trust Services: Steps to Success
- Join local estate planning councils
First, the team joined local estate planning councils— organizations comprised of attorneys, life insurance agents, trust officers, accountants, financial advisors and others substantially involved in estate planning. The groups met on a quarterly basis to discuss various, up-to-date topics of common interest. It was at these meetings that the company began building awareness of its services while demonstrating a commitment to the industry. Over time, the diverse membership served to create a steady source of referrals.
- Reach out to local attorneys directly
Next, the team reached out to local estate planning and litigating attorneys in an effort to build a referral network as a resource for credit union members. While solo practitioners and those at smaller firms were quick to agree to a one-on-one lunch meeting, attorneys at larger firms proved far too busy. As a result, the team approached larger firms with a proposal for on-site lunch meet-and-greets. In these cases, BECU Trust Company had professional boxed lunches prepared and delivered to the firm’s office. Then the team, armed with marketing materials and fee schedules, proceeded to engage attorneys in casual conversations aimed at uncovering the firm’s niche market and communicating the company’s value proposition. Within 3-4 weeks, referrals began to flow in.
- Sponsor relevant industry conferences
To drive additional awareness and continue to build out a referral network, the team sponsored estate planning and litigators’ conferences. As time went on, they learned the ideal spot for booth location and came to appreciate the importance of giving away quality swag items to boost traffic, which increased the number of connections they were able to make with local lawyers. In fact, BECU Trust Company developed a reputation for its swag items, including a French press, coffee mug, ice scraper, cell phone charger and thermos. The team now has a waiting list for its useful promotional merchandise.
- Demonstrate appreciation for referral partners
The company hosted creative “center-of-influence” appreciation events. After conducting a survey of its referring partners, they learned that attorneys were not interested in attending typical wine and cheese events. Rather, lawyers longed for unique experiences. BECU Trust Company delivered—hosting a cooking competition in a state-of-the-art commercial kitchen, a wine blending event with branded wine labels at a local winery and a tour of a Starbucks Roastery, where attendees could sample coffees paired with decadent desserts. The best part? The company encouraged attendees to bring a “professional plus one” (i.e., a colleague who is unfamiliar....-->
Members Trust Company merged with BECU Trust Company, a wholly owned subsidiary of BECU, on July 1, 2013 resulting in MTC, DBA BECU Trust Services. The union combined BECU Trust Company’s previous success with Members Trust Company’s national reach, comprehensive trust and investment management services and financial capacity. Prior to the merger, BECU Trust Company had built a strong reputation with a commitment to serving its members...