Bank Broker Dealers

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Mar 8, 2007 6:18 pm

I am in the process of changing banks and the new bank wants me to be on the selection committee for a new B/D.


Any favorites or horror stories anyone would like to share on UVEST, FINTEGRA, ESSEX, COMMONWEALTH, NEXT, PRIMEVEST or any of the others???


Input is appreciated


Mar 8, 2007 8:36 pm

I believe that UVEST is now a part of LPL and if so, they'll have an excellent platform.  I'm affiliated with LPL as an independent and the technology is way ahead of what I was used to in my old bank platform (PrimeVest).


One example I noticed immediately when I went with LPL...when transmitting a new account through PrimeVest, it took 3-5 minutes to get an account number back so you could print client forms.  LPL takes 10-15 seconds.  It's always possible that PrimeVest has improved since I left as my experience with them ended in summer '05.

Mar 15, 2007 9:26 am

Thank you for the reply


Anyone else have any input??



Mar 15, 2007 9:30 am

Next is pretty well regarded, especially by its own brokers.

Mar 15, 2007 1:06 pm

Your best and easiest fit is going to be with a Raymond James Financial Services advisor.  MANY RJ reps alreads support local banks.  RJ will do all of the compliance.


AND you should be able to go to Florida a couple of times in a year.  Not bad to get out of NY and into the sunshine?


Good luck.


Mar 15, 2007 1:51 pm

Most of what you seek (competent bank b/d) depends on the services you need. Look at the strengths and weaknesses of your operation and find a third party marketer that will compliment that profile. For example, if you want just a platform and high payout, many of the b/ds can do that but if you are looking for general sales/program support or product support, you can find some TPMs that provide that as well... for a price off the top, of course. 


Take your time, interview wisely, and drill down to the core competencies of each TPM. I hope this helps. Good luck.