What is the Financial Services Marketplace?

The Financial Services Marketplace is an expansive network comprising over 500 FDIC-insured banks and financial institutions, carefully selected to cater to the unique financial needs of community associations. Powered by CommonArea, a financial services company serving the industry, this extensive network is designed to bring unparalleled opportunities directly to your association, ensuring your reserve funds are not only secure but also working harder for your community.

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Key Advantages of the Financial Marketplace:

• Nationally Competitive Rates: Through the collective power of this large network, banks in the Financial Services Marketplace consistently offer nationally competitive interest rates. Your association can achieve significantly better returns on its reserve funds compared to what might be available if you were to seek out new accounts independently.

• Deep Understanding of Community Associations: Unlike traditional banks that may not specialize in the nuances of community association finance, every bank within the Financial Services Marketplace has a thorough understanding of how community associations operate, including:

  • Short-term operational needs.

  • Long-term capital improvement goals.

  • How these factors influence the most appropriate types of investments for your reserve funds.

• Industry-Specific Compliance and Fiscal Responsibility: The Financial Services Marketplace prioritizes the unique regulatory and compliance requirements faced by community associations. The banks within our network are well-versed in industry-specific compliance standards, helping to ensure your association remains fiscally responsible and adheres to all necessary guidelines.

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The Financial Services Marketplace simplifies the complex task of managing reserve funds, offering a sophisticated yet user-friendly platform that connects your association with financial institutions ready to serve your best interests. It is about empowering your board to make informed decisions that lead to greater financial stability and growth for your community.

 
How the Financial Services Marketplace Works for Your Association
The beauty of the Financial Services Marketplace lies in its simplicity and efficiency. While the network of banks is vast and the financial mechanics are sophisticated, the process for your board is designed to be straightforward and minimally disruptive.

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1. Assessment of Your Needs: Your management company will work with your board to understand your association's specific reserve fund goals. This includes evaluating your current financial position, short-term liquidity requirements, and long-term investment objectives.

2. Accessing the Network: Once your needs are clear, we leverage the Financial Services Marketplace to identify banks that best match your association's profile and objectives, ensuring a wide array of competitive options.

3. Optimized Placement of Funds: Your reserve funds are strategically placed across banks within the Financial Services Marketplace, always staying within FDIC insurance limits. This allocation helps maximize your returns while maintaining optimal security and liquidity. 

4. Consolidated Reporting: Despite your funds being diversified across multiple institutions, you will receive clear, consolidated statements and reports through your management company. This ensures full transparency and easy oversight, allowing your board to easily monitor your reserve fund performance.