Wedbush Morgan Securities Inc. is getting into the third-party marketing business, even as banks discard "brokers for hire" and turn to marketing their own securities.

The Los Angeles-based broker-dealer has hired Brewster Ellis, the former president of Raymond James Financial Inc.'s financial institutions marketing division, to run a Kansas City, Mo.-based division that will sell investment products through banks.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.