Banks need to limit broker turnover within their investment programs if they are to effectively manage their customers' expectations, the chief executive of a major mutual fund company said Thursday.

"Banks need to get more stable sales forces to develop customer relationships," said Bridget Macaskill, chief executive officer of OppenheimerFunds Inc., New York.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.