ABSTRACT
Headquartered in Seattle, Washington, the group provides banking, securities, insurance, retirement, and travel services through a state chartered savings bank and seven other affiliated companies. Washington Mutual’s highly flexible charter has allowed it to expand into many areas currently off limits to most commercial banks. Washington Mutual and Murphey Favre focused on differentiating the products available within a Washington Mutual/Murphey Favre individual retirement account (IRA), thereby differentiating their IRA from those offered by other institutions in the state. The Financial Group’s research department has developed a composite profile of the typical Washington Mutual/Murphey Favre IRA customer, to target more accurately such direct mailings. Washington Mutual/Murphey Favre self-directed IRAs are sold through three channels: Murphey Favre registered representatives, bank branch employees, and the bank’s telemarketing department. Profitability aside, the self-directed IRA fits in well with Washington Mutual’s products, which typically include unique, recognizable products and a wide range of choices.
