Magazine article American Banker

First Maryland Beefing Up Brokerage @Sh#70 Bankers in Pa. to Be Licensed to Sell Investments

Magazine article American Banker

First Maryland Beefing Up Brokerage @Sh#70 Bankers in Pa. to Be Licensed to Sell Investments

Article excerpt

First Maryland Bancorp's corporate realignment plan includes expanding its retail brokerage salesforce in Pennsylvania.

Allied Irish Bank's U.S. arm, which is changing its name to Allfirst on June 28, said 70 of its bankers would earn series 6 licenses this year to sell investment products. They work in branches of Dauphin Deposit Bank and Trust Co., which Baltimore-based First Maryland acquired in July 1997.

First Maryland has 20 bankers in Pennsylvania with series 6 licenses in its York Bank and Trust division.

Dauphin, which was based in Harrisburg, had not sold investments at its branches, said Rick A. Gold, the chief executive officer of FMB Trust Co. Mr. Gold, who came from Dauphin, also oversees First Maryland Brokerage Co.

Dauphin did have a handful of series 7 brokers who worked in its investment banking subsidiary, Hopper Soliday & Co., which First Maryland sold in December. One broker from Hopper joined First Maryland Brokerage.

Though some series 7 brokers will be recruited in Pennsylvania, the emphasis is on branch-based sales by bankers.

"We don't want full-service brokers to compete with our platform program," Mr. Gold said.

Instead, series 7-licensed brokers would assist the bankers as they do in the Maryland branch system. This arrangement is commonly referred to as a "hybrid" brokerage program.

"They work with platform people," Mr. Gold said, "sitting in on sales, participating, coaching, training, (and) taking care of some of the compliance."

The goal is to have at least one series 6-licensed salesperson in each of the banking company's 263 branches. Though First Maryland Brokerage employs 300 series 6 representatives and 74 with series 7 licenses, most of the licensed bankers are in Maryland branches.

Since early 1997, management of $17. …

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