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 [email protected].

New Consulting Services

Business Transitions LLC of Portland, Ore., has introduced consulting services for the financial services community on a flat-fee, on-site basis.

A team of consultants address issues including practice benchmarking, expenses and overhead reduction, revenue analysis, system analysis and improvement, increasing profitability, converting to a fee-based structure, increasing assets under management, preparing a practice for sale, internal succession planning/transitions and post-closing client transition assistance. Customizable programs are also available. For more information, visit www.businesstrans.com.

Mini-Cap Fund Launched

Portfolio manager Irene Hoover and San Francisco-based Forward Funds have launch the Forward Hoover Mini-Cap Fund.

The investment team for the fund looks for small companies with a distinct competitive advantage and the ability to self-fund their growth. For more information, visit www.forwardfunds.com or call (888) 312-4100.

S&P Rolls Out ‘MAPs‚

Standard & Poor‚s has introduced Standard & Poor‚s Model Allocation Portfolios (MAPs), model portfolios mapped to a range of asset allocations, which allow a mixture of equities, bonds and cash.

The MAP series was introduced through S&P‚s Investment Advisory Services LLC. Structured to support investment advisors‚ demands for unbiased portfolio recommendations, the MAP series is the first phase in S&P‚s plan to introduce, at the end of 2003, a complete, Web-based platform for investment advisors. The platform will combine three things: S&P‚s equity and funds research, customized portfolios using MAPs for individual clients and integration into advisors‚ fee-based client relationships.

Additional information is available at www.standardandpoors.com.

Manulife Expands 401(k) Line

Boston-based Manulife Financial has introduced Manulife Retirement Select, a 401(k) product with mutual fund alternatives.

Manulife Retirement Select offers 53 mutual funds from many managers. American Funds, AIM Capital Management, Davis Advisors, Pimco, Fidelity and T. Rowe Price are among the managers participating.

The program also includes lifestyle portfolios and personal brokerage accounts through State Street Brokerage.

For more information, visit www.manulife.com.