WATERBURY, Conn., July 12 /PRNewswire/ -- As part of its commitment to offer simpler and better financial services for its customers, Webster Bank has formed its own investment services operation -- Webster Investment Services, Inc., a wholly owned, broker-dealer subsidiary of Webster Bank.
Webster Investment Services, Inc. offers mutual funds and fixed variable annuities, in addition to individual securities transactions as requested by customers. The bank recently received approval from the National Association of Securities Dealers, Inc. (NASD) to operate its own investment services program. Webster Investment Services, Inc. operates as an introducing broker, and has chosen BHC Securities as its clearing broker to provide operating systems and trading support.
Previously, Webster Bank offered investment services through an affiliation with Liberty Securities and Independent Financial Marketing Group (IFMG).
"By operating our own broker dealer, we are able to offer the full array of products and high level of service that customers of Webster Bank have come to expect," said Tom Howe, executive vice president, Trust and Investment Services. "Bringing our investment operations in house also strengthens Webster Financial by generating more revenues for the corporation."
Through Webster Investment Services, Webster is able to offer its clients greater access and control over investment information. Previously, clients who had investments with multiple funds received separate statements from each fund company. Clients will now be able to receive one statement that will reflect all their holdings.
"With an experienced staff and a vast array of financial products and services to draw upon, Webster Investment Services' mission is simple -- to help individuals, families and businesses meet their financial goals," Howe said.
Over the next several weeks Webster customers will be receiving more information on new features and options available through Webster Investment Services. Customers will also continue to deal with their current investment executives, who became Webster employees on July 1.
Webster Financial Corporation, headquartered in Waterbury, Conn., is the holding company for Webster Bank, which was founded in 1935. The bank is a leading Connecticut-based financial service provider and delivers consumer banking, commercial banking, mortgage, trust and investment management services, and insurance services to individuals, families and businesses. Webster has $9 billion in assets and operates through a network of more than 110 banking offices, three commercial banking centers, two trust offices and 180 ATMs, in addition to telephone banking, video banking, PC banking and Internet-based mortgage origination. For more information, visit the company's web site at www.websterbank.com.
SOURCE Webster Bank