EverBank-a Jacksonville, Fla.-based bank that offers banking and mortgage services to independent advisors-says its advisor business is booming.
   Since starting its advisor program two years ago, EverBank says the program's clientele has grown to 100 advisor firms and 17,500 advisors.
   The program has brought in nearly $250 million in deposits, and a similar amount in mortgages, says Kevin O'Hanlon, executive vice president of EverBank Advisory Service Group.
   "We saw this as something that could make the independent advisory community more competitive with the wirehouses," O'Hanlon says. "It really gives them the ability to round out a wealth management plan."
   The program's banking balances have grown 90% from the same time a year ago, and mortgage originations are up 60% from 2004, according to the bank.
   Among the products offered by the services are home equity lines of credit, mortgages, and FDIC-insured checking accounts, money market deposit accounts and bank CDs. The program also has a world markets product, with currency CDs available in 21 different currencies.
   Because of rising interest rates, the most popular component of the advisor program has been the deposit products, O'Hanlon says. "It's been a long time since an advisor has been able to talk to his client about a yield on a deposit product with rates being as low as they have been," he says.
   While the mortgage products have been less utilized-due to many advisors' being unfamiliar with mortgage consulting-the advisors who are using the product are doing so extensively, O'Hanlon says.
   "What they really have recognized is that, first off, their clients are doing mortgages somewhere," he says. "If they are taking their mortgage business somewhere, they might as well help them meet that need."
   Providing advice on mortgage issues has also helped independent advisors build relationships, as the mortgage process give them a "broader perspective on a client's total picture," he says.