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Manulife reassures brokers on poaching issue

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Mortgage Broker News | 31 Oct 2012, 11:10 AM Agree 0
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.
  • MortgageMan | 01 Nov 2012, 08:06 AM Agree 0
    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.

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