PNC Bank Corp., Pittsburgh, is aiming to more than double the number of bank employees licensed to sell investment products by yearend, a senior executive said.
Roughly 70 PNC employees are licensed as series 6 brokers, said Michael Mortenson, the president of PNC Brokerage. He wants to boost the total to 200, Mr. Mortenson said in a phone interview last week.
The bank also has about 190 full-time series 7 brokers who rotate among its 700 branches, he said.
"It's a dilemma for us because three-quarters of the time there isn't anyone to talk to people about their investments," he said. Series 6 brokers can sell certain investment products, including variable annuities and cash management accounts. However, the goal is to put the customer in touch with a series 7 broker who is licensed to sell all investment products, Mr. Mortenson said.
PNC bought Hilliard-Lyons, a Louisville, Ky., brokerage, in December. That unit is run separately.