Franklin Templeton Investments announced that, effective Jan. 1, 2002, it will combine its financial advisor and financial institutions divisions to form the independent and bank division. There will be no change in wholesaler staffing as a result of the combination. However, territories in the independent & bank division and the wirehouse/regional division will be redefined, and in most cases, reduced in size.
"The channel consolidation and redefined territories will allow our wholesalers to serve financial advisors more efficiently and effectively," said Peter Jones, president of Franklin Templeton Distributors. "The new structure will create a uniformity in sales and number of advisors within each territory, allow for all-around better coverage and reduce travel time."