MetLife B-D chief leaves company

Broker-dealer group considered non-essential, analyst says

Nov 29, 2012 @ 5:38 pm

By Bruce Kelly

broker=dealer, metlife
+ Zoom

The head of the large but quiet network of independent broker-dealers at Metlfe Inc., John Brett, has left the giant insurer carrier and been replaced — for the time being at least — with another company executive.

MetLife spokeswoman Meghan Lantier would not comment about the reasons for the departure of Mr. Brett, who was senior vice president of the MetLife Broker-Dealer Group. He left in mid-November.

She said that the new interim head of MetLife's Broker-Dealer Group is Bob Begun, also a vice president. He was formerly vice president and chief operations officer for the network, which has four independent contractor firms: MetLife Securities Inc.; New England Securities Inc.; Tower Square Securities and Walnut Street Securities Inc.

The broker-dealer group has 8,460 producing registered reps, with the lion's share at MetLife Securities, according to the most recent survey of independent broker-dealers by InvestmentNews.

It is, however, a non-essential part of MetLife's business, one analyst noted.

“The broker-dealers haven't come up on a conference call in a decade,” said Steven Schwartz, an analyst with Raymond James & Associates Inc.

At the end of 2011, MetLife chief executive Steven Kandarian said that “everything was on the table” as the firm went through a strategic business review. Ms. Lantier said that no one at the company would be available last Thursday or Friday to discuss its strategy for the broker-dealers.

0
Comments

What do you think?

View comments

Recommended for you

Latest news & opinion

Alternative strategies boomed after crisis, but haven't been tested

Because the S&P 500 has outperformed, convincing clients they need protection is a hard sell.

7 ways advisers fixed clients' biggest financial dilemmas

Sometimes it takes creativity, along with knowledge and outside help, to get a client out of a jam.

3 things advisers should make sure their clients' children take to college

Advisers can help clients avoid scary and painful situations with kids age 18 and older.

Private equity investors zero in on the RIA business

P-E proves to be ready and willing to invest in RIAs, but many will be looking to sell in three to seven years.

North Korea: How should advisers react?

Saber rattling is cause for concern, but advisers are not making wholesale moves in client portfolios.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print