Exclusive Banking and Insurance Services Deliver Added Value
Through our financial services affiliate, FirstService Financial, Inc., we offer quality financial services to your community. FirstService Financial designs and administers competitively priced banking and insurance programs exclusively for clients of FirstService Residential.
Since 2003, FirstService Financial has executed more than $1 billion in financing transactions, and has developed an algorithm to provide underwriting for every FirstService Residential-managed community.
By leveraging its client portfolio, FirstService Financial can negotiate optimal pricing with quality vendors and provide significant cost savings to our clients each year.
The company's Cash Management team will tailor short- and long-term strategies for your needs. These are designed to replace lower-rate funding accounts (brokerage-based money market accounts, sweeps, etc.), reduce ongoing security and tracking burdens, improve asset liquidity and maximize interest revenue. Additionally, FirstService Financial uses leading-edge technology to handle its high volume of monthly transactions for further client savings.
While it is not a requirement for you to utilize FirstService Financial's services, we have found that many of our associations have chosen to do so due to their high quality and added value.
FirstService Financial's financial services include:
- Reserve Program – Designated programs provide above-average interest rates on reserve, capital improvement and escrow accounts
- Lockbox Program – Affordably priced lockbox service programs provide seamless collections for monthly payments, with coupon, paper ACH and online payment options
- Cash Reserves Program – Specially designed for homeowners associations and condominiums, FirstService Financial's Cash Reserves Program offers communities significantly higher earnings than savings or money market accounts, with immediate access to funds
- Lending Services for Associations – As an agent for affiliates, FirstService Financial assists associations in fulfilling their financing requirements with flexibility and certainty, facilitating or assisting in loan placements in excess of $500 million for cooperative, condominium and homeowners associations
In addition, FirstService Financial affiliate FS Insurance can provide FirstService Residential clients with the broadest and most cost-effective risk coverage insurance products in the market. These programs provide stability and pricing by AM Best "A-rated" insurers.
Additionally, the company's proprietary insurance products (created by accessing over 20 years of historical data) demonstrate to carriers that FirstService Residential clients enjoy loss experiences significantly below market. This results in significantly added value for our clients.