Bank Broker Dealers
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
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.
Thank you for the reply
Anyone else have any input??
Next is pretty well regarded, especially by its own brokers.
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.
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.
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