Magazine article American Banker

Working at Bank Brokerage Becomes Appealing Option

Magazine article American Banker

Working at Bank Brokerage Becomes Appealing Option

Article excerpt

With more and more banks entering the securities business, it comes as no surprise that the number of brokers going to work at banks is on the rise.

The increase in job opportunities for brokers at banks may not be the only reason. Registered representatives are also finding banks an increasingly attractive place to work, according to a survey by Securities Training Corp.

The New York firm, which helps would-be brokers prepare for licensing exams, found that a quarter of its students who are preparing for the series 7 exam are working for a bank or intend to do so.

Securities Training president Paul Weisman, who has run broker training programs since 1979, said that what was a "sprinkling" in the 1980s has turned into a increasingly significant part of his business.

Much of the increase has been driven by more jobs at banks and a growing tendency among banks to train platform employees to sell securities.

A study by Tampa-based American Brokerage Consultants indicates that there were 20,400 full-time licensed brokers -- both series 6 and 7 -- working in banks in 1998, up from 14,000 in 1996.

But, some industry insiders said, brokers are starting to see banks as more appealing places to work.

"Ten years ago it used to be brokers who washed out of the wire house environment" went to work for bank brokerages, said Mike Dillon, vice president at FTR Inc., a financial institutions training firm in Lombard, Ill.

But that is changing, Mr. …

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