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Manulife One Motors On

Manulife-One Manulife continues to do tremendous mortgage business thanks to its Manulife One television and print ads.  It also employs a unique model where it pays financial advisors to promote the “One.” 

Forget about mortgage brokers.  It can’t be bothered and doesn’t want to pay them.  Financial advisors are a nice enough little niche –and one that compliments Manulife’s all-out advertising assault.

As a result of the above, Manulife’s lending volume is “growing about C$1 billion a quarter,” says President Paul Rooney.

Essentially, the Manulife One is a mortgage, checking account, savings account, and line of credit all in one.  In fact, it’s the most popular brand of “all-in-one” mortgage in Canada (albeit, not necessarily the best–check out National Bank’s and Canadian Tire’s versions).

For the foreseeable future, Manulife will keep selling the Manulife One without face-to-face borrower contact.  According to Reuters, Rooney has no interest in the expense of branches and feels Canadians are becoming quite comfortable with Internet banking.  We’d agree.

(Quotes via Reuters)