Products that Banks Offer
- Thread starter jmarkk1
- Start date
- 11,274
Just about anything you want. It just depends on the selling agreements that the bank has in place.
At the credit union, I sold mutual funds, variable annuities, and wealth management. We also had an insurance IMO, but they worked primarily with our platform reps that were also insurance-licensed. They were to sell fixed annuities, term insurance, and fixed indexed annuities. They didn't do that great of a job with it either.
At the credit union, I sold mutual funds, variable annuities, and wealth management. We also had an insurance IMO, but they worked primarily with our platform reps that were also insurance-licensed. They were to sell fixed annuities, term insurance, and fixed indexed annuities. They didn't do that great of a job with it either.
- Thread starter
- #3
- 11,274
Unless they manufacture their own product, I doubt it.
Wells Fargo owns an insurance company subsidiary - I think Centurion Life? - and when you own your own insurance company it's *possible* to have a better rate for your bank customers than what outside brokers offer... but I doubt it would make a huge difference.
It's probably a similar relationship as some annuity carriers might offer special deals or terms for their captive agents... versus brokers.
Whether it really happens in real life or not... I haven't really seen.
Wells Fargo owns an insurance company subsidiary - I think Centurion Life? - and when you own your own insurance company it's *possible* to have a better rate for your bank customers than what outside brokers offer... but I doubt it would make a huge difference.
It's probably a similar relationship as some annuity carriers might offer special deals or terms for their captive agents... versus brokers.
Whether it really happens in real life or not... I haven't really seen.
- 10,323
Certain carriers have different products or rates for banks or wirehouses. At one time NYL allowed banks to sell their 5 year FA, but they did not allow career agents to (career agents had no clue the product even existed). Finally they opened it up to the career channel. It all depends on the carrier and as DHK said, the selling agreement.
- Thread starter
- #6
- 11,274
I have no idea and no one else will, unless they work at those institutions in that position right now.
What's the real situation? Are you afraid of losing a deal to a bank advisor?
If they are "rate shoppers"... you may have already lost the deal. Why? Because that's just how life works... and they'll just "feel better" doing business inside a "brick and mortar" bank.
What's the real situation? Are you afraid of losing a deal to a bank advisor?
If they are "rate shoppers"... you may have already lost the deal. Why? Because that's just how life works... and they'll just "feel better" doing business inside a "brick and mortar" bank.
- Thread starter
- #8
Clients are checking with bank advisor just to see what options they have. I haven't met with them to go over their situation and talk about options. We meet next week. Just wanted to know if there are any product options available through banks that are not available through independent channels.
- 16,877
It's not that the bank can sell better product. It's the perception of credibility your customer has to the agent at the bank compared to you that you are fighting against.
The public doesn't understand that it's the same policy from either agent. And the independent agent USUALLY understands the product better.
The bank is perceived by the customer as added value and protection. That is what you are competing against.
