Banking Program Offered For Financial Advisors
St. Louis-based Everbank, a division of First Alliance Bank, has introduced a program for independent financial advisors that allows them to offer banking and mortgage products to their clients.
Everbank, a nationwide branchless bank with more than $500 million in assets and 25,000 accounts, is offering the program to broker-dealers and their affiliated representatives. It expanded the program‚s launch to more than 5,300 advisors. More than 28 firms currently are participating, including The Capital Financial Group/H. Beck Inc., Cambridge Investment Research and Questar Capital Inc.
"Independent financial advisors understand the very real threat posed by large banks, such as Wachovia, which are leveraging banking relationships to capture investment business. Adding pressure are large brokerage players, such as Merrill Lynch and Charles Schwab, that are looking to capture market share by offering banking," said Robert Foregger, COO of Everbank.
The Everbank Advisor Program allows independent financial advisors to fight back by plugging a very competitive suite of banking products, including mortgages, into their business, he adds.
Products that advisors may offer include mortgages, checking and money market accounts, and CDs and money market accounts denominated in any major foreign currency.
For additional information visit www.everbank.com.
AIG Enhances 401(k) Plan
AIG SunAmerica‚s 401(k) plan for small- to medium-sized businesses has added two new managers and five new investment options.
The new managers for The CHAMBERplan for Retirement–the only 401(k) plan endorsed by the U.S. Chamber of Commerce–are American Funds and Lord, Abbett & Co.
The new investment options include American Funds Asset Allocation and American Funds Growth portfolios, Van Kampen LIT Comstock and Van Kampen LIT Growth & Income, and Lord Abbett Mid-Cap Value portfolio.
To learn more about the plan, call The CHAMBERplan Help Desk at (877) 814-401(k) or e-mail firstname.lastname@example.org.