Advisors are busy enough managing and protecting clients’ assets. They want to make the most of their time with customers, so they may think offering banking products isn’t worth it. However, everything that happens to an advisor starts with him transferring money from his bank account. So why wouldn’t advisors want to have better visibility into how clients are using these funds?
We’ve seen many advisors learn that talking about deposits doesn’t add a lot of time and offers valuable benefits.
By helping clients get more for their money through simple products like bank accounts, advisors can help strengthen their influence over a range of their clients’ financial decisions. This can help increase customer satisfaction and loyalty, increase sales and increase cash flow, all of which benefit customers’ investment portfolios and insurance plans.
There are many decisions to make when choosing the right mortgage, line of credit, credit card, or even everyday banking package. Advisors can add enormous value by showing customers a better way to bank. When customers use banking services and have their needs met, it will remind them of the value that advisors bring to their lives.
It is wise to engage in deposits for other reasons. Advisors work hard to build the relationships clients need so they can redirect their hard-earned income into investment and insurance recommendations. However, advisors are exposed to the risk of losing clients. Every traditional and virtual bank, robo-advisor, and even some retailers want the cross-selling opportunities that bank accounts provide. Recommending deposit products can help strengthen the client-advisor bond and reduce the risk of competitors preying on the advisor’s business.
Many traditional property and protection products are easy to forget until they become more important later in life. But banking products support everyday financial decisions. Our depository advisors tell us stories of acquiring more investment assets from clients who appreciated help with savings and everyday banking. Part of this value is that clients contribute more of their unused funds based on the advisor’s recommendations for both short- and long-term goals.
Our Business Advantage account allows you to leverage your retained earnings with high daily interest rates and instant access to cash. Our average corporate account balances are quite high. Advisors use these accounts to potentially migrate more retained earnings into higher-yield investments. Spending unused funds always benefits clients and the advisor.
High interest rates for customers
A Manulife Bank Advantage account is also a win. It’s one of Canada’s first high-interest branchless checking accounts that pays you a premium on your dollar and also offers everyday banking from the same account. Most advisors use it to provide a savings solution with instant access to cash when needed. By maintaining a $1,000 balance, your Advantage account can become a complete, no-fee, unlimited bank account for your everyday transactions – no traditional bank needed.
In addition to customer benefits, Manulife Bank provides advisors with access to customer balances through our BankLink platform. So, during a meeting or annual review, an advisor may notice a large deposit balance that far exceeds the client’s savings needs. This may result in recommendations for higher investment returns in entry-level offerings such as mutual funds or segregated funds.
These accounts usually hold “sticky” money and the assets can stay there for a long time, potentially providing years of commissions for the low cost of maintaining the account.
We recognize that the advisor must focus on his or her core investment and insurance activities. That’s why we’ve made it extremely easy for them to offer deposits to their customers. Advisors can use the Manulife Advisor Portal to open deposit accounts in minutes – just provide their client ID and a valid check or funds transfer authorization.
We also provide advisors with a unique web application through which they can simply send a link to the online system and ask the client to complete the application. Some clients still prefer to see a paper application, so we also offer that option.
Think of deposits like bread and milk at the grocery store. They generate traffic and customer loyalty. Every Canadian has a bank account, and advisors can help ensure that every dollar their clients earn works for them. Contacting clients about deposits may be the simplest new business opportunity for an advisor’s practice today.
Learn more about the benefits of a Manulife Bank Advantage account.
Advantage Accounts and Business Advantage Accounts are offered through Manulife Bank of Canada.
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