Banking Products

[Norwayguy]

I'm just wondering what if any banking products you offer to your clients. I bring this up because I used to have a B/D that had a selling agreement and we where able to offer Mortgages and some deposit products, Yesterday there was a guy on here talking about Market linked CDs.

I don't really want to sell Bank Products but I would like to be able to say I can offer them, Its kinda like the argument over securities and Indexed Annuities as to why not offer both.

 

[0b1kanobee]

I had an annuity engine somewhere on my computer that quoted CDs for banks. If I remember correctly, the comp was 1%......not that it matters. Probably different for different lengths of time.....maybe not......I dunno.

Let me know what you find out. I have someone I could call FMO out west that probably has them or knows (small group of guys) but don't feel like calling them right now. If you want to call them, let me know. Oh heck.......I'll just call.

Peter....Let me know what you find. I'm interested in this too. I'll do the same.

 

[scagnt83]

LFSC is indy and allows morgtages and CDs

 

[padthaiforlunch]

EverBank will also let you sell CD's.

 

[Norwayguy]

EverBank will also let you sell CD's.

Everbank is restricted to Registered Reps or Investment Advisors at RIA or B/Ds with selling agreements with them.

Its funny, what I'm looking for is termed a Deposit Broker and has no licensing requirements.

 

[Charpress]

Equity linked CDs are an interesting thing to bring up at seminars and in meetings with clients.

It breaks the ice on the concept of having the returns of one investment linked to the returns of the market, without any of the downside risk. I do this as part of explaining the different types of safe investments that are available from different sources -like banks, the government and insurance companies.

You next have to do your own research on the returns ELCDs get so you can explain why you don't recommend them (think tax deferral) -unless, of course, you do want to sell them.

 

[scagnt83]

Equity linked CDs are an interesting thing to bring up at seminars and in meetings with clients.

It breaks the ice on the concept of having the returns of one investment linked to the returns of the market, without any of the downside risk. I do this as part of explaining the different types of safe investments that are available from different sources -like banks, the government and insurance companies.

You next have to do your own research on the returns ELCDs get so you can explain why you don't recommend them (think tax deferral) -unless, of course, you do want to sell them.

They are an interesting product. Not a huge client base out there for them imo, but they can be a good fit in a few situations, especially on a short term basis.

 

[Norwayguy]

Equity linked CDs are an interesting thing to bring up at seminars and in meetings with clients.

It breaks the ice on the concept of having the returns of one investment linked to the returns of the market, without any of the downside risk. I do this as part of explaining the different types of safe investments that are available from different sources -like banks, the government and insurance companies.

You next have to do your own research on the returns ELCDs get so you can explain why you don't recommend them (think tax deferral) -unless, of course, you do want to sell them.

Oh I agree, the interest is no tax deferred unless its a qualified account and the ones I've seen the interest can not compound inside the CD it can be used to by another CD but quiet simply it has all the downside of an Annuity surrender charge that never goes away.
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They are an interesting product. Not a huge client base out there for them imo, but they can be a good fit in a few situations, especially on a short term basis.

I like the idea of having them in the arsenal, so people don't think I'm predjudiced against them, however when you really compare them they have their own downsides...Though the caps are higher right now assuming the stocks in the basket maintain or grow the stock price.