How can bank deposits bring value to an advisor’s client relationship? | Techy Kings


We’ve seen many advisors learn that talking about deposits doesn’t add much time and offers valuable benefits.

By helping clients get more for their money, with products as simple as their bank accounts, advisors can help strengthen their influence on a range of their clients’ financial decisions. That can help increase customer satisfaction and loyalty, increase sales and improve cash flow for the well-being of the customer’s investment portfolio and insurance plan.

There are many decisions in choosing the right mortgage, line of credit, credit card, and even everyday banking packages. Advisors can add tremendous value by showing clients better ways to bank. When customers use those banking services and their needs are met, it will remind them of the value their advisors bring to their lives.

It is wise to get involved in deposits for other reasons. Advisors work hard to build the relationships necessary for clients to direct their hard earned income into investment and insurance recommendations. But advisers run 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 possibility of competitors preying on the advisor’s business.

Many traditional wealth and protection products are easily forgotten until they become more important later in life. But banking products support day-to-day financial decisions. Our deposit advisors tell us stories of getting more investment assets from clients who appreciate help around their savings and day-to-day banking. Part of the value comes from seeing clients direct more idle money based on advisor recommendations for short- and long-term goals.

Our Business Advantage Account puts retained earnings to work with high daily interest rates and instant access to cash. Our average balance is quite high in our corporate account. Advisors use these accounts to potentially transfer more retained earnings to higher-yielding investments. Putting idle money to work is always a win for clients and advisors.

High interest rates for customers

The Manulife Bank Advantage Account is a win, too. It’s one of Canada’s first high-interest branchless chequing accounts, paying a premium rate on every dollar and also offering daily banking from the same account. Most advisors use it to provide savings solutions with immediate access to cash when needed. By maintaining just a $1,000 balance, an Advantage Account can become a complete unlimited transaction everyday banking account with no fees—no traditional bank required.

In addition to customer benefits, Manulife Bank provides advisors with access to customer balances through our BankLink platform. Therefore, when there is an annual meeting or review, advisers may see large deposit balances that far exceed their client’s savings requirements. That can trigger proposals for higher investment returns through core offerings such as mutual or segregated funds.

These accounts also tend to have “sticky” money, and assets can stay there for a long time—potentially providing years of commissions for little account maintenance.

We realize that an advisor needs to focus on their core investment and insurance business. So we have made it easy for them to offer deposits to their customers. Advisors can use the Manulife Advisor Portal to open a deposit account in minutes—with just a few customer IDs and voided check or fund transfer authorization.

We also provide advisers with a unique web-based application, where they can simply send a link to the online system and ask the client to complete the application. Some customers still prefer to see paper applications, so we offer that option as well.

Think of deposits like bread and milk at the grocery store. They drive traffic and customer loyalty. Every Canadian has a bank account, and advisors can help to ensure that every dollar their clients earn works for them. Engaging clients around deposits is perhaps the easiest new business opportunity in advisor practice today.

Learn more about the benefits of the Manulife Bank Advantage Account.

Advantage Account, Business Advantage Account is offered through Manulife Bank of Canada.

Manulife, Manulife Bank, Stylized M Design and Manulife Bank & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by Manulife Bank of Canada under license.


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