INVEST Financial Corporation, a broker-dealer based in Tampa, has added three bank wealth management programs with $5.5 billion in assets to its platform, INVEST announced on Tuesday.
The new offices are Citizens Bank & Trust in Guntersville, Ala.; Security Bank of Kansas City and WaterStone Bank in Wauwatosa, Wis. INVEST is a member of National Planning Holdings' network of broker-dealers.
Founded in 1982, INVEST is led by president and CEO Steve Dowden.
The transition of the bank wealth management offices is driven in part by an improved national business environment and the desire of banks and other financial institutions to find ways to grow their wealth management practices, says INVEST.
With the transition, Security Bank of Kansas City is dissolving its broker-dealer practice to affiliate with the INVEST broker-dealer program. The other two did not hold broker-dealer licenses but were affiliated with other broker-dealers.