Franklin Templeton Investments announced that, effective Jan.1, 2002, it will combine its financial advisor and financial institutions divisions to form the independent & 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."
As a result of the restructuring, Franklin Templeton has announced a number of promotions. Dan O'Lear, director of sales, will now oversee all sales divisions including the independent & bank and wirehouse/regional divisions. Phil Edelstein and Bob Geppner have been named directors of sales for these two divisions, respectively.
Dan Grip has been named eastern national sales manager for the wirehouse/regional division reporting to Bob Geppner, and Toby Mumford, the former head of sales for banks, has been named senior managing director of alternative investment distribution for Franklin Templeton.
