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Thursday, January 27, 2005|
The Hartford Builds Fund Sales Force
The Hartford wants to pump up its fund business, and is devoting the resources to make that happen.
"We want to increase our scale in this business…but in order to grow, we need broader distribution," said Ramani Ayer, chairman and CEO of The Hartford, in a Thursday earnings call.
In pursuit of that goal, the firm has created a mutual fund-only wholesaling team at PLANCO, its distribution unit. The wholesalers will target broker-dealers, independent firms, wirehouses and banks, said Ayer.
Wholesalers looking to jump ship may be interested to know that the firm pays the salespeople on a commission-only basis, said another executive during the call.
Because of the new fund sales unit, "more and more I'm seeing that these wholesalers have a career path [within The Hartford]," said the executive.
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