Investors Bank has switched its investment services program to Invest Financial, after more than four years with another broker-dealer, Invest announced on Monday.
The Short Hills, N.J.-based bank cited Invest's experience in working with banks as its top reason for the move. "Our main objective was and is to partner with a TPM that is able to provide vast home office resources, scale and cutting edge technology to support the growth of our investment program," said Glenn Brodwater, president of Investors Financial Corp.
The bank's program employs 21 advisors and 3 junior brokers and has $562 million in assets under management. It launched in June 2011, Brodwater said.
The program was previously with Essex National Securities, which is being acquired by Infinex Financial Group. The acquisition was expected to close this fall.
Invest supports more than 120 banks and credit unions and more than 1,100 representatives nationwide. It is a subsidiary of National Planning Holdings, a large independent broker-dealer network.
"Invest continues to grow its network of banks and credit unions, and we are confident our industry experience and customer service will allow us to build a lasting relationship with Investors Bank," said Steve Dowden, president and CEO of Invest and executive vice president of operations for National Planning Holdings.
Investors Bank has more than $20.4 billion in assets and more than 130 retail branches in New Jersey, New York City and Long Island. It was founded in 1926 as the Washington Rock Building and Loan Association.