Deals & People November 16, 2012

Regions Back in Investment Business

PrimeVest Financial Services and Regions Bank announced their agreement for PrimeVest to provide advisory services at Regions bank branches.
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Bank customers will have access to advisory services—including managed accounts, mutual funds, annuities, insurance, financial and retirement planning tools—provided by licensed financial consultants in bank branches in the 16 states Regions serves.

The deal allows Regions to expedite investment offerings for mass market customers and deliver financial planning services under a brand its customers recognize, according to Jim Nonnengard, executive vice president of Regions Investment Services, a division of Regions Wealth Management.

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The PrimeVest program at Regions Bank will be built to fit Regions’ culture and will be private-labeled under the brand Regions Investment Solutions. Regions will begin phasing in the program in select Regions Bank branches in 2013.

“PrimeVest has a proven track record of helping banks create customized programs to meet the needs of their customers and we are pleased to partner with them,” Nonnengard said.

“Regions is uniquely positioned to create the program of the future and be customers’ trusted financial guide,” said Catherine Bonneau, president and chief executive of PrimeVest. “By working with PrimeVest, they can focus on building a high-performance, service-oriented team while leaving the broker/dealer operations to us. This is a tremendous opportunity to combine our dedicated focus on financial institutions with the impressive scale and expertise at Regions. We’re looking forward to building a great program together.”

PrimeVest, a unit of Cetera Financial Group, has more than $24 billion in total client assets and serves banks and credit unions. Cetera is network of independent broker/dealers and registered investment advisers (RIAs). On December 1, PrimeVest’s name will change to Cetera Financial Institutions, a marketing name for Cetera Investment Services LLC.

Regions Financial Corporation, with $122 billion in assets, serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,700 banking offices and 2,000 ATMs.

Deals & People November 16, 2012

Advisor Group Adds Nat’l Financial Platform

Advisor Group expanded its relationship with National Financial, a unit of Fidelity Investments and a provider of clearing and custody services to broker/dealers.
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“All Ways Open Architecture,” Advisor Group’s philosophy, gives financial advisers open product access, hybrid compensation models, multi-custodial solutions, as well as access to third-party money managers and platforms, according to Larry Roth, president and chief executive of Advisor Group.

Advisers using National Financial’s platform for clearing services have access to:

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  • Enhanced integration with Advisor Group’s contact management platform (Salesforce) for efficient new account opening, investment management, account maintenance and office automation;
  • Expanded access to Advisor Group’s Wealth Management platform;
  • Technology available via iPad and mobile devices;
  • Streetscape, an adviser workstation and myStreetscape, an investor portal; and
  • Investment insights from Fidelity Investments for advisers.

“We are eager to expand our relationship with National Financial to provide additional clearing services that can help financial professionals grow their businesses efficiently,” Roth said.

“This enhanced relationship with Advisor Group is one more example of our ongoing commitment to providing broker/dealers with the most advanced technology, products and services in the market today,” said Sanjiv Mirchandani, president of National Financial. “We are excited to play a key role in helping Advisor Group support business growth and help its advisers more efficiently serve their investors.”

Advisor Group is an independent broker/dealer network and a subsidiary of American International Group. Its network consists of FSC Securities Corp. in Atlanta, Royal Alliance Associates in New York and SagePoint Financial in Phoenix, Arizona.

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