Independent Financial Marketing Group Inc. to provide annuity products and marketing support.
Independent Financial, which is based in Purchase, N.Y., is supplying fixed and variable annuities along with training, seminar assistance, and marketing support to the bank's brokerage arm, Republic Financial Services Corp.
The deal, which took effect Aug. 1, will also for the first time add annuities to the product menu at Republic's "investment lounges." These are walk-in centers in bank branches that market investment products.
Christopher O'Gorman, president and chief executive officer of Republic Financial Services, said the agreement is part of a continuing effort to expand the bank's product offerings.
In addition, Independent Financial's training and marketing support will help the bank's sales representatives educate customers about products that many do not understand, he said.
Republic Financial Services has sold annuities provided by New York-based Bisys Group for the past eight years but had not sold annuities through its investment lounges, Mr. O'Gorman said. The lounges began appearing in branches last summer.