Quote:
Originally Posted by Slava
Manulife One doesn't pay advisors that much actually. In order to make a kiving selling Manulife One alone a guy would have to do an incredible amount of business...at least IMO. Its a bank account after-all, so the commissions are not enormous. It's sold pretty hard by Manulife but I attribute that to the fact that they are competing against the big banks and need to generate interest in the product. Some advisors sell the product and others want nothing to do with it....just depends on the clientele and how the advisors use it.
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I'm surprised the commissions are lower, because it's more like a mortgage than a bank account. Manulife makes money on the interest rate differential, and it must be decent, because their current variable rate is 3.5%. Comparing that to the 2.2% I just got on a variable rate mortgage, there is definitely some profit margin in there for somebody. If it's not going to the advisors who sell the product, then it must be going to Manulife.
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http://www2.manulifeone.ca/about-my-.../todays-rates/ (source)