Banking relationship review

Are you interested in improving the returns on your savings account, lowering the cost of borrowing, or perhaps reducing your banking service fees?

We would all be glad to achieve some or every one of these benefits. The challenge for most of us involves working with our local bank representative or manager to accomplish each goal. Although a good client can usually obtain a better than posted mortgage or GIC rate, two elements can hinder the negotiation process:

• Most people do not enjoy the experience and find it difficult to challenge the banker across the desk to improve the rates.
• The ability of your local banker to provide more favourable rates on all deposits and loans at the same time or within the same household could create a conflict of interest.

The Bank Manager's Dilemma

Banks generate profit by maximizing service fees and the interest rate spread (the difference between a GIC interest rate and a mortgage interest rate). Therefore, in an effort to increase the bank's profits, your local banker is understandably reluctant to offer you the best rates, terms, conditions, etc. on every product or service. If a consumer is fortunate enough to obtain a higher GIC interest rate, it is safe to assume that the next person may not have the same access to these benefits. That next person could be you.

At IPC, our role is to develop a complete financial plan that includes your cash management and borrowing needs. As part of this service, our team shops the wholesale market on a daily basis to negotiate competitive interest rates, lower fees, and favourable terms and conditions on your behalf. This means you do not have to negotiate! Our team does all the work and avoids the bank manager's dilemma by distributing your banking business among multiple financial institutions. This automatic service minimizes the banks' interest rate spread and maximizes your savings.

Banking Relationship Review

IPC encourages you to challenge your current banking relationship by following a unique process we call the Banking Relationship Review. This simple tool includes a questionnaire, cash flow calculator, and an interest rate comparison chart that will help accomplish the following:

• Measure your cash flow requirements
• Allocate your short term cash effectively
• Minimize your debts faster or make them tax effective
• Maximize your short term savings rates
• Lower your borrowing costs

Our clients have saved thousands of dollars by obtaining better rates, negotiating optimum terms and enjoying superior service. Until recently, this type of service was reserved for wealthy individuals with private banking relationships. Our company has now streamlined the process to help all our clients live their financial dreams.

If you would like to take advantage of a Banking Relationship Review, please contact our office for a consultation. One hour of your time could save you thousands of dollars.