Thursday, October 30, 2008

Can the Broker and the Fiduciary be Friends?

Brokers work the sell side; asset managers in bank trust departments represent the buy side. Never the twain shall meet?

Don't be too sure. As brokers seek more fee-based business, via managed accounts and such, the gap is narrowing.

This Bank Investment Consultant report on bank "book brokers" spotlights top producers who mostly emphasize fee business. Many are affliliated with Sun Trust, including Tom Gletner:
Gletner became the poster child for Sun Trust's team approach, which enables him to bring in private bankers, trust and estate officers, insurance experts, financial planners and lenders whenever he meets with a new client.

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