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Banking on Wealth Management
Small and mid-sized banks across New England are diving into the business of wealth management, competing for customers in a field long dominated by the mega banks.
Taking the Theme Literally: A Response on Niches
By Patti White Much has been said about the impact the Dodd-Frank Act has had, and will have, on the mortgage industry. Early concerns involved overburdening restrictions and the impossibility of compliance, but as companies finalize their plans to manage the new...Eight Common Accounting Mistakes Identified in Audits of Financial Institutions
Working with a broad range of banking clients provides an expansive overview of common accounting issues that arise with financial institutions. Below are eight significant areas of concern that required additional guidance to clients this year.
Helping Community Banks Attract Deposits and Retain Customers
Lockbox processing is one of those cash management services that community banks are asked for from time to time, and it is a service community banks need to have in order to compete with the larger banks.
We find that often a community bank will be faced with a situation in which a commercial customer will want to do business with them, but one of the things that they will ask for is a lockbox service – and if the bank doesn’t have it, they are probably going to have to say no to the customer and the deposits they will bring.
Lighthouse Payment Services did a study in 2005 where a community bank had seven lockbox customers, each generating over $500,000 in deposits for the bank. The average bill for the lockbox service to the customer was only $175 per month! These seven customers would not have been customers of that particular bank if that bank did not have a lockbox service – so you can see the potential here.
Eight Common Accounting Mistakes Identified in Audits of Financial Institutions
Working with a broad range of banking clients provides an expansive overview of common accounting issues that arise with financial institutions. Below are eight significant areas of concern that required additional guidance to clients this year.
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