Manulife reassures brokers on poaching issue

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Officials at the centre of Manulife’s purchase of Benesure and its MPP brand say the mortgage originator has no intention of poaching broker clients.

“We want to reassure those who have such concerns that they have nothing to worry about,” said Elizabeth Elliot, VP of marketing for Benesure, now under the insurance and mortgage giant’s umbrella. “It is in Manulife’s and Benesure’s interest to ensure the channel continues to flourish with MPP.”

Shortly after the announcement of Manulife’s acquisition of Benesure, MortgageBrokerNews.ca readers posted questions about the deal’s possible outcome.

“So Manulife will try to convert the thousands of customers brokers have sent MPP into Manulife mortgages. Is it time for brokers to find a new mortgage insurer, who is our partner, not our competitor?” wrote one reader.

“It is definitely fair to ask: will Manulife leverage the Benesure / MPP insurance clients to sell other Manulife products to? Will a Benesure / MPP client be passed on to a Manulife financial planner to attempt to cross sell other products?” another reader commented.

In her email to MortgageBrokerNews.ca, Elliot pointed out that Manulife has a strong track record of working closely with advisors and intermediaries.

“They are governed by privacy rules and have always abided by these,” she said. “In doing so, they understand, respect and honour business relationships and client information that Benesure has developed.”

 

  • MortgageMan on 2012-11-01 8:06:09 AM

    Elizabeth Elliot, VP of marketing for Benesure, states: “It is in Manulife’s and Benesure’s interest to ensure the channel continues to flourish with MPP.”

    So we brokers can rest assured that everything is okay; as long as "it is in Manulife's and Benesure's interest".

    The second it's no longer in their best interests, Manulife will forget all about their broker partners......Firstline, HSBC, BMO and others come to mind. Then they will aggressively mine their database of thousands of MPP clients; just like CIBC is now doing with Firstline customers.

    Isn't this absolutely obvious to everyone?

    In the article, Ms. Elliot also states that Manulife is "governed by privacy rules and have always abided by these". Well that's great. I'm confident Manulife doesn't break any laws. But my clients often have to sign agreements that allow the lender to share information among it's subsidiaries etc. Then it's open season!

    I understand that Manulife has every right to do this in the future, and don't begrudge them that opportunity. But I also have the right to find the best insurance partner for my business, as long as my customer's needs are met.



    Thanks

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