Legg Mason Inc., a Baltimore-based brokerage, was hired by a small Florida bank to set up its investment products program.
To build up its brokerage service menu, Bank at Ormond-by-the-Sea signed on with BFP Financial Partners Inc., a third-party marketing firm that is subsidiary of Legg Mason.
The $100 million-asset bank, located in a Daytona Beach suburb, began selling investment products a year ago and has $15 million in client assets under management. The bank had been working with an undisclosed provider not affiliated with a full-service broker.
"Our bank's clients have accounts at brokerage houses and we need to have those services available too," said bank president Howard A. Mayo Jr.
BFP Financial offers its bank-clients stocks, bonds, mutual funds from over 300 families, and individually managed investment accounts. The three- year-old company has 20 bank clients.