Amid industry consolidation, PrimeVest Financial Services, Inc., has enjoyed growing success over the past few years in signing its bank partners to longer contracts.
This year, 70% of PrimeVest’s partners are under five-year deals rather than three-year deals, compared with 33% in 2008. The company, a unit of Cetera Financial Group, said that the revenue sharing arrangements it’s offered banks have been a factor, but other factors -- such as banks’ desire to focus uninterrupted on business development for longer stretches -- have been more decisive.
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