Investors Capital Corp., a midsize broker-dealer in Lynnfield, Mass., is getting into the third-party marketing business.
Two weeks ago, the firm signed up its first bank client, Revere Federal Savings Bank, a $100 million-asset thrift in Chelsea, Mass.
Investors Capital now has a broker in Revere's head office to sell investment services, including stocks, bonds, annuities, and mutual funds, a brokerage spokeswoman said.
"Our plan is to begin installing these investor centers in banks across the country," the spokeswoman said.
Investors Capital has 900 brokers in 80 branches east of the Mississippi and in California. The firm will focus on forming relationships with community banks that do not have the capacity to offer brokerage services, she said.