News & Guidance

shutterstock_160782665

Formula for Success Found in Financial Planning

Banco Popular’s Financial and Insurance Services, after 20 years on the market has been able to validate its position within the financial industry through a particular strategy that makes it unique in Puerto Rico.

“Management of personal finances has changed a lot from the ‘80s until the present,” said Juan Guerrero Preston, executive vice president of Banco Popular Financial and Insurance Services group. “During that time, people were making their investments in brokerage houses, where they were assisted by an asset seller. When we decided to develop the service offering for our customers, we did it based on the concept of financial planning, because we understood that customers were not receiving comprehensive advice regarding their financial situation. Although initially there were doubts and resistance, with time we have been able to achieve the integration of different teams and currently, we offer a platform that provides advice, sells products and offers services with the help of professionals with knowledge in different areas such as banking, investment, accounting, legal and insurance, among others. This type of platform did not exist, and it became the key to distinguish ourselves from the rest of the market,” added Guerrero.

“There are fewer assets in the general market and people have lost money, but at the same time, we have seen more customers embrace Popular One’s offering because they have realized that the management of personal finances is much more complex than purchasing the day’s hot-selling product. In this process we must identify the risks, plan, be well-organized and diversify in order to obtain the desired long-term results,” Guerrero explained.

After more than 20 years of experience advising customers from different Popular units and after a thorough analysis of the market, in 2010 under the name of Popular One, we launched the service integrating banking, investment, insurance and financial planning. Today, this project, which had been conceptualized since 1992 in the Private Banking division, is a platform aimed at providing personalized advice with an ample variety of financial services. Today, five years after its creation, Popular One reaps the success of its strategy.

“Popular One differs from traditional brokerage houses because we are financial advisors with ample knowledge in a diversity of areas, including financial planning, providing advice in investment and insurance. We work together with our customers to identify their particular needs and understand their plans for the future, then draw the investment strategy to follow,” Guerrero said.

Within Popular One, we provide banking services via the Wealth Management unit, Popular Securities which celebrates 20 years of service this year, and Popular Insurance, with 15 years of industry experience. Guerrero added that the “integration of the professional group that composes Popular One has been key in the increase of our customer’s satisfaction.”

Popular One is located in six offices in Hato Rey, Cupey, Condado, Ponce, Mayagüez and Cabo Rojo.

The Popular One team is composed of more than 100 professionals with high credentials in their respective fields, including lawyers, Certified Financial Planners (CFP®), Certified Private Wealth Advisors (CPWA®), Certified Investment Management Analysts (CIMA®), Certified Public Accountants (CPA), Certified Insurance Counselors (CIC), Fellowship – Life Management Institute (FLMI), Certified Risk Managers (CRM), Charter Property and Casualty Underwriters (CPCU®), Certified Annuity Specialists (CAS) and Chartered Financial Analysts (CFA), among others.

 

Banco Popular de Puerto Rico, its subsidiaries and affiliates do not offer tax, legal or accounting advice. If you would like to receive legal, tax or accounting advice, you should consult a professional specialized in these areas. Investment products and services are offered by Popular Securities LLC, registered broker dealer and member of FINRA and SIPC. Investment products are not insured by the FDIC, are not deposits or obligations, are not guaranteed by Banco Popular de Puerto Rico or its subsidiaries and/or affiliates. Investment products involve risks, including the possible loss of the invested principle. Insurance products and services are offered by Popular Risk Services an Insurance broker duly licensed by the Office of the Commissioner of Insurance of Puerto Rico. Popular, Inc. and Banco Popular de Puerto Rico are not registered brokers. Insurance products are not FDIC insured, or other government agencies, are not deposits or obligations and are not guaranteed by the Bank or its subsidiaries or affiliates. Some insurance products may lose value. Popular Securities and Popular Risk Services are subsidiaries of Popular and affiliates of Banco Popular. Popular One is an integrated services platform through which Popular Securities and Popular Risk Services are offered.

Wealth Management services are generally available to clients who maintain deposits and/or investments of $250,000 or more at Popular.