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Article: Fulton Financial's Recipe For Recovery; The bank's sagging brokerage unit reversed its fortunes when it ditched the commissions and switched to a fee-based model. Then it brought in a rainmaker.(Wealth Management)
- Article from:
- US Banker
- Article date:
- November 1, 2009
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Byline: Steve Garmhausen
For a while it looked as if the brokerage arm at Fulton Financial Corp. in Lancaster, Pa., would be a short-lived success story.
Back in 2002, the strong performance of the then two-year-old brokerage unit had helped Fulton's wealth management business nab a coveted small-bank award from the Bank Insurance & Securities Association.
But four years later the luster was gone. As retail bankers started to run out of referral candidates, frustrated brokers began to head for the doors - and that made the bankers reluctant to refer the prospects they did have. With profits declining, the brokerage arm was "on a wicked little ...