I was talking to our friend, recruiter Rick Rummage, the other day and he was commenting on a news story we did about Union Bank of California, which saw a steep increase in brokerage revenue last year as a result of referrals to its financial advisers from a beefed-up corps of licensed bankers.
The program uses licensed platform bankers strictly for referrals but licensing the banks and adding to their ranks created an increase in referral revenue of $1.5 million last year and CEO Steven Short expects that to rise to at least $6 million in 2011.
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