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Article: Confusion heightened at AIG Advisor Group; Layoffs, consolidation cloud future of broker-dealer network.
- Article from:
- Investment News
- Article date:
- April 20, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Kelly
Last week's layoffs and consolidation of key areas of operation at the three broker-dealers of the AIG Advisor Group only add to the confusion and uncertainty surrounding the network's future and the fate of its more than 6,000 representatives and financial advisers, sources said.
The AIG Advisor Group network of broker-dealers cut about 10% of its employee work force last Wednesday, consolidating operations in key back-office areas such as licensing and registration, and handing out 70 pink slips. That has an impact on recruiting advisers, observers said.
Even though the changes appear to be limited to the back office, they ...