Two channels will become one in the new year at Franklin Templeton Investments. The San Mateo-based firm will combine its Financial Advisor Division and the Financial Institutions Division to form the Independent & Bank Division on January 1, 2002. The news comes on the heels of an earlier disclosure that the firm would cut salaries and implement a hiring freeze.

Franklin stressed that the channel merger will cause to no change in wholesaler staffing, although territories in the Independent & Bank Division and the existing 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, Inc. "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."

Franklin also said it had promoted a number of key executives in its sales force. Dan O'Lear, director of sales, will now oversee all sales divisions including the Independent & Bank Division and the Wirehouse/Regional Division. Phil Edelstein has been named director of sales for the Independent & Bank Division. Bob Geppner has been named director of sales for the Wirehouse/Regional Division. Dan Grip has been named eastern national sales manager for the Wirehouse/Regional Division reporting to Bob Geppner. Toby Mumford, the former head of sales for banks, has been named senior managing director of alternative investment distribution for Franklin Templeton.  

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