When you become a client of FirstService Residential, you gain access to the exclusive programs available through FirstService Financial, Inc., our affiliated financial services company. Throughout its North American operations, FirstService Residential manages 7,000 associations representing over 1.5 million residential units across 21 U.S. states and three provinces in Canada. By leveraging this sizable portfolio, FirstService Financial can deliver products that add value for our clients. And while FirstService Financial’s services are optional, many associations choose them for the added value they provide.
FirstService Financial offers a full line of financial services including:
Each of FirstService Residential’s 7,000 North American associations has an operating bank account, and most have separate reserve and escrow bank accounts as well. By consolidating these individual accounts into select top tier banking institutions, FirstService Financial creates additional value for FirstService Residential clients by eliminating bank fees on operating accounts and delivering significantly higher interest rates on reserve and escrow funds.
In 2011, FirstService Financial's daily deposits in its partner banks averaged over $1.5 billion, enabling the company to create more than $15 million in value for FirstService Residential clients through incremental returns and/or the elimination of fees. These efforts not only continue help our clients better manage their cash deposits, but also deliver significant value and service to their association not available through any other HOA management company.
Our specialized banking programs include:
Reserve Program – FirstService Financial’s reserve programs have a history of providing above-average interest rates on reserve, capital improvement and escrow accounts
Lockbox Program – High quality, affordable lockbox service programs provide seamless collections for monthly payments, with multiple payment options
Cash Reserves Program – Designed especially for homeowners' associations and condominiums, FirstService Financial's Cash Reserves Program offers significantly higher earnings than money market or savings accounts, with immediate access to funds
Lending Services for Associations – As an agent for our affiliates, FirstService Financial assists associations in fulfilling their financing requirements with certainty and flexibility to facilitate or assist in loan placements in excess of $500 million
FirstService Financial has achieved similar results for our companies for insurance coverage, which is a substantial component of our clients’ operation budgets, averaging 10%. It merged its commercial and residential community management expertise with FS Insurance Brokers, Inc., a leading, full-service insurance brokerage company, to help clients manage the complex insurance purchase and loss mitigation process. As a result, FS Insurance Brokers is able to offer unmatched risk management solutions to FirstService Residential clients with better coverage and lower costs.
Learn more about how your homeowners' association can benefit from these exclusive services.
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