Wealth management

In Brief: N.Y. Bank Outsources Investment Program

Published March 30, 2005, 2:00 a.m. EST

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Updated March 29, 2005, 4:40 p.m. EST

1 Min Read

Suffolk County National Bank in Riverhead, N.Y., and Independent Financial Marketing Group Inc., a third-party administrator, have announced an agreement for IFMG to support the bank's alternative investment program.

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IFMG is to give Suffolk's customers access to investment and insurance products and services, the companies said on Monday. The products are to be offered through IFMG Securities Inc., a registered broker-dealer.

The investment program will let customers buy mutual funds, fixed and variable annuities, life insurance, stocks, and bonds from IFMG's selection of providers. Financial consultants in the bank's branches are also to offer customers financial planning services including college, retirement, and long-term-care coverage, plus tax-advantaged strategies and asset allocation.

Suffolk County National is the wholly owned subsidiary of Suffolk Bancorp, a one-bank holding company. It has 26 branches in Suffolk County on Long Island.

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Wealth management

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