The Birth of Bank Brokerage
I don't know how many of you are aware that 2022 marks the 40th anniversary of bank brokerage. I know- I was there and was the Principal who signed that first trade done in a bank since the passage of the Glass-Steagall Banking Act of 1933. INVEST, along with a few other firms paved the way for what is now a thriving business bringing much needed financial help to millions of people in banks, credit unions and financial institutions across the country.
Attached is an article written by my friend Dick Ayotte which appeared in Bank Investment Rep Magazine upon the 10th anniversary. I think (and hope many of you do as well) that knowing the history of our industry and the strides we've made is important and worth remembering. So, happy 40th anniversary to bank brokerage and many, many more.
Chief Compliance Officer at Ascensus
2 年Thank you for this post. I started in the financial services industry in 1984 with BHC Securities whose mission was to clear for bank affiliated brokerage firms. Thanks for the memories.
SVP, New Business Development
2 年Thanks for sharing that Paul! I was fortunate to oversee the Society for Savings INVEST program in ‘85 and work with you, Steve Kramer, Brian Storms, and many others! Great memories for sure!
Retired CEO, UnionBanc Investment Services & PNC Investments
2 年Paul, Thanks for sharing this oldie but goodie! I started with GNA, an Invest competitor who ran BofA’s program, in 1989 and remember those early days well. Big, commissions, low payouts, super narrow product lists, fund direct sales, prospectus applications, zero technology (other than a phone and a Rolodex). . . it’s truly amazing how far we’ve come! Best, Mike
Retired
2 年I’ll always remember you as a pioneer during that period. Keep up the great job you are known for doing.
CEO& Founder ,Editor of “ The Sassy”,Advocate for Aging Well and Wealthy,Wellness As A Solution "WaaS"?/ Credit Union Evangelist , Driver of revenue by partnering with innovative technology providers.
2 年What a fantastic share Paul Werlin as you so wonderfully put us in a time capsule that has so many incredible memories for many of us seasoned veterans.