Bank #1: CIBC Bank #2: Tangerine Bank You will play the role of an Account Manager at each of the two banks (financial institutions) assigned to your group. The two financial institutions are located across the street from each other, so you'll be competing with each other. After analyzing your prospective clients' situation, you will determine their current and future needs. It is important to think about the family as a whole, and to determine the planning that needs to be put in place to ensure they will meet all of the goals that they have stated, as well as goals that you know will be important to them, even though they did not mention them. The prospective clients: A couple, have come to meet with you to determine if they should do all of their banking at your financial institution or at a competing financial institution across the street from where you are. These prospective clients have recently immigrated to Canada from Romania, and have settled in Bradford, Ontario. They are not familiar with Canada's banking system and our various rules and procedures. The husband is 48 years old, works as a software programmer, and earns $120,000 per year. The wife is 40 years old and works as a bookkeeper, and earns $76,000 per year. Their children's ages are 14, 13, and 11. He has a small pension plan, while she has no pension plan. They currently own a house but are still paying off a mortgage of $420,000, and the term will be due in a few weeks. They have non-registered short-term GIC investments worth $45,000 and mutual funds worth $60,000 They have $45,000 worth of jewelry that they keep inside a cabinet in their kitchen. They each own a car but would like to buy a new car as soon as possible because their current vehicles are quite old. They take an annual vacation to Florida to visit Disney World. They sometimes take weekend trips to Buffalo, NY. They would like to be able to do their routine transactional banking online, but they also want to establish a working relationship with an account manager for their overall financial planning. They have disclosed that they are meeting with both financial institutions and will choose the one that they feel best meets their current and future banking needs. 

PART 1: As Account Manager at Bank #1: Create a proposal that you would present to the prospective clients while you are sitting across the desk from them in your office. Be sure to deal with as many of the issues that would impact on their decision-making process as possible. You will need to refer to Bank (Financial Institution) #1's relevant products and services in your proposal. Show all relevant details, including terms, interest rates, fees, etc. 

PART 2: As Account Manager at Bank #2: Create a proposal that you would present to the prospective clients while you are sitting across the desk from them in your office. Be sure to deal with as many of the issues that would impact on their decision-making process as possible. You will need to refer to Bank (Financial Institution) #2's relevant products and services in your proposal. Show all relevant details, including terms, interest rates, fees, etc. 

PART 3: Compare offerings from Bank #1 and Bank #2: Compare the two proposals, showing relative strengths and weaknesses of both financial institutions. Indicate your preferred choice and state why you chose it. In every case, DO YOUR OWN RESEARCH and USE YOUR OWN WORDS in your analysis and conclusion. You must reference all of your sources, and if it's a website, it must be a specific URL (not a general one). Be thorough and convincing, but also be succinct when presenting your information to your prospects. Additional Instructions: Look at all banking, investment, lending products available from each bank Recommend one specific product for each category (as applicable) and discuss features of that product as well benefit to the client DO NOT just copy and paste product information from Bank's website Present your Assignment as if you are speaking to the Client Qualify the borrowers (by calculating the ratios) for mortgages using respective mortgage rates for each bank Qualify for any other applicable lending product(s) Show benefits (if any) of moving their investments to your Bank Be sure to deal with as many of the issues that would impact on their decision-making process as possible. Pay attention to presentation and format.

Answer rating: 100% (QA)

Lets start with Bank 1 CIBC PART 1 Proposal from CIBC Good morning Thank you for coming in to discuss your financial needs with us I understand youre new to Canada and looking for a reliable banking p... View the full answer