Any synergies giving new businesses to same financial institutions (mainly bank speaking)? or roll over your own or your extended families to the same bank? Is the outcome product-dependent?
Alternatively, do you tend to find better pricing that your current banks won’t match, or services not offered? This is not to debate same vs. different banks, one vs. many institutions.
Synergies = better pricing, additional services, or higher quality services when you give new businesses to the same banks?
My impression is not at all, at retail level.
Example 1: $0.01 trade at discount brokerages is key to couch potato investors. No synergy existed.
Example 2: A friend of mine own multiple dwellings and mortgages with two banks, while banking with yet another. Consolidating the mortgages with one lender wasn’t leading to a better outcomes. Further, his parents also borrow from yet another different bank, his business did not lend favorable terms to his elderly. No synergy existed.
Example 3: Another real estate investor friend of mine, had all investment mortgages at same bank, $300K free cash in non reg, gets private banking service and trades with better advisers.
Alternatively, do you tend to find better pricing that your current banks won’t match, or services not offered? This is not to debate same vs. different banks, one vs. many institutions.
Synergies = better pricing, additional services, or higher quality services when you give new businesses to the same banks?
My impression is not at all, at retail level.
Example 1: $0.01 trade at discount brokerages is key to couch potato investors. No synergy existed.
Example 2: A friend of mine own multiple dwellings and mortgages with two banks, while banking with yet another. Consolidating the mortgages with one lender wasn’t leading to a better outcomes. Further, his parents also borrow from yet another different bank, his business did not lend favorable terms to his elderly. No synergy existed.
Example 3: Another real estate investor friend of mine, had all investment mortgages at same bank, $300K free cash in non reg, gets private banking service and trades with better advisers.