MetLife B-D chief leaves company

Insurer offers no reason for departure of Brett

Dec 2, 2012 @ 12:01 am

By Bruce Kelly

MetLife
+ Zoom

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

MetLife spokeswoman Meghan Lantier declined to 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.

The new interim head of the broker-dealer group is Bob Begun, also a vice president, Ms. Lantier said.

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.

NONESSENTIAL?

The broker-dealer group has 8,460 producing registered representatives, most of them at MetLife Securities, according to the most recent survey of independent broker-dealers by InvestmentNews.

But it is a nonessential part of MetLife's business, one analyst said.

“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 last year, MetLife chief executive Steven Kandarian said that “everything was on the table” as the company went through a strategic business review.

Ms. Lantier said no one at MetLife was available to discuss its strategy for the broker-dealers.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Ed Slott: Tax strategies to help clients take advantage of market declines

When the markets decline or are volatile, it is an opportunity to put a few retirement savings strategies to work, according to Ed Slott, founder of Ed Slott's Elite IRA Advisor Group.

Latest news & opinion

Is LPL's deal sweet enough for NPH's 3,200 reps and advisers?

They will have to decide if the signing package they are being offered by LPL makes sense. A lot is hanging in the balance.

Eduardo Repetto to leave Dimensional Fund Advisors

Gerald O'Reilly, currently co-CIO, will take over as co-CEO with David Butler.

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.

LPL Financial buys NPH, a broker-dealer network with 3,200 advisers

The deal, part of which is based on the advisers and revenue that eventually will move from NPH, could potentially cost LPL $448 million.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print