Increase Profitability & Build High-Value Client Relationships
Brokerage firms, including most of the nation’s largest, use Promontory Interfinancial Network services to improve their bottom line and to offer their clients a variety of options for their cash balances. Promontory Interfinancial Network services are cost-effective and designed to give brokerage firms better control over pricing and margins. They also attract large-dollar relationships, which can further reduce customer acquisition costs and provide more cross-selling opportunities, while growing assets under management. Unlike other deposit placement and cash management service providers, Promontory Interfinancial Network never competes with brokerage firms for any clients and never has possession of client funds.
Capture More Business by Adding Services That Provide Access to Multi-Million-Dollar FDIC Insurance
Promontory Interfinancial Network leads the industry in FDIC-insured deposit placement services—unique services that derive their value from the Power of Many®, a Network composed of thousands of financial institutions across the nation and the largest of its kind. With its FDIC-insured services—Insured Network Deposits®, or IND®; Insured Cash Sweep®, or ICS®; Certificate of Deposit Registry Service®, or CDARS®—your brokerage firm can stand out among competing financial firms, and:
- Attract new client relationships by offering access to FDIC insurance above $250,000
- Increase market share by encouraging existing safety-conscious depositors to consolidate their investments
- Save time and resources by leveraging the deep expertise of Promontory Interfinancial Network to implement programs successfully
- Spend less on client acquisition and retention; ICS and CDARS generally attract multi-million-dollar deposits, and the cost-per-investment-dollar generated tends to fall when each client invests larger amounts with your firm
Also Grow Assets Under Management by Offering a Wider Array of Cash Management Solutions
Your brokerage firm can further expand its cash management offerings and encourage one-stop-shopping with your firm by offering Promontory Interfinancial Network’s Promnet Repo® and Yankee Sweep®. These services can help balance your client’s needs for return, safety, and liquidity; and, can help generate more fee income for your firm.
Boost Your Firm's Bottom Line
Your brokerage firm can realize cost savings when it replaces more cumbersome and expensive offerings with Promontory Interfinancial Network services by enjoying better control over pricing and margins.
Learn How Promontory Interfinancial Network Services Work for Brokerage Firms
Read more about how Promontory Interfinancial Network services work for brokerage firms. Visit—IND for brokerage firms, ICS for brokerage firms, CDARS for brokerage firms, Promnet Repo, and Yankee Sweep.
With IND, your brokerage firm can offer its customers a multi-bank deposit sweep product that offers access to multi-million-dollar FDIC insurance.
With ICS, your firm can provide access to multi-million-dollar FDIC insurance on funds placed into demand deposit accounts (DDAs) or money market deposit accounts (MMDAs). Clients can make unlimited withdrawals of funds placed into DDAs, and up to six withdrawals per month of funds placed into MMDAs.
With CDARS, your institution can offer clients access to multi-million-dollar FDIC insurance on funds placed into CDs. CD terms range from 4 weeks to 5 years.
Using the Promnet Repo service, your brokerage firm can offer clients a convenient way to enter into repurchase agreement transactions. While not FDIC insured, repo transactions can offer large-dollar clients the opportunity for returns and daily liquidity on invested funds collateralized with U.S. Treasuries and Agency MBS.
With Yankee Sweep, you can offer clients the ability to place funds with highly rated, non-U.S. banks. Although these deposits are not FDIC insured, they are placed with U.S.-chartered branches (subject to Federal Reserve Board oversight) of foreign banks.
Use of the ICS and CDARS services is subject to the terms, conditions, and disclosures set forth in the CDARS-ICS Participating Institution Agreement and applicable Deposit Placement Agreements. Limits apply, and client eligibility criteria may apply. Program withdrawals are limited to six per month when using the ICS savings option.
The Promnet Repo service is provided by Assetpoint Financial, LLC, a wholly owned subsidiary of Promontory Interfinancial Network, LLC and a member of FINRA and SIPC. Use of the Promnet Repo service is subject to the terms, conditions, and disclosures set forth in the Promnet Repo agreements, including the Promnet Repo Service Agreement. Assetpoint Financial, LLC does not purchase or sell any securities in connection with repurchase agreement transactions effected using the Promnet Repo service.
ICS, Insured Cash Sweep, CDARS, Certificate of Deposit Registry Service, Yankee Sweep, and Bank Assetpoint are registered service marks of Promontory Interfinancial Network, LLC.