ING Forming New Broker-Dealer Under ING Brand
ING Advisors Network announced today its plans to create a new broker-dealer, with close affiliation to the ING brand, by consolidating two existing ING broker-dealers, Locust Street Securities, Inc. and Washington Square Securities, Inc. Effective January 1, 2004, Locust Street and Washington Square will officially be consolidated into one broker-dealer, and, pending final legal and regulatory approvals, will operate under the name ING Financial Partners, Inc.
Karl Lindberg has been named Chief Executive Officer of the new firm. Lindberg, currently the President of Locust Street Securities, Inc., is a long-time veteran with the company and the industry and is supported by a strong, experienced senior management team, made up of professionals from both Locust Street Securities, Inc. and Washington Square Securities, Inc.
"We are excited to announce the creation of ING Financial Partners, Inc.", said John Simmers, Chief Executive Officer of ING Advisors Network. "We are forming a new firm that will allow us to appeal in a more meaningful way to the financial professional who wants a close affiliation with the ING brand.
Simmers noted, "This move reflects further progress we have made towards our goal of positioning ING Advisors Network as being among the most premier broker-dealer organizations in our industry."
"Our overall strategy for ING Advisors Network is to focus our competitive strength and resources on our distinctly different broker-dealers, all which bring long-term success in their target markets," said Valerie Brown, Head of Channels and National Sales Manager for ING Advisors Network. "We have solidified and enhanced our strategic positioning in the U.S. marketplace based on these broker-dealers - defining each around a unique value proposition in the marketplace."
The newly created ING Financial Partners, Inc. is intended to better support existing and future financial professionals who seek to leverage the ING brand in their business efforts. In comparison, both Financial Network and Multi-Financial Securities Corporation are designed to serve financial professionals who are inclined to seek a more distant affiliation with the ING brand; however, they are structured very differently. Multi-Financial operates under a traditional independent broker-dealer OSJ structure and is also undergoing significant integration in connection with the ING Advisors Network strategy - subject to regulatory approval, effective January 1, 2004, two other ING Advisors Network broker-dealers, IFG Network Securities and VESTAX Securities, will be officially consolidated into Multi-Financial Securities. Financial Network has successfully built and sustained the industry-only regional management system, enabling the firm to deliver the robust support and resources of a national firm combined with the local training and support of regional managers. Finally, PrimeVest Financial Services, as well as the Financial Institutions Division of Financial Network, serves the financial institutions market - which is primarily made up of banks, credit unions and savings and loans.
ING Advisors Network, one of the country's leading independent broker-dealer networks, is currently comprised of the following broker-dealers: Financial Network Corporation, Locust Street Securities, Multi-Financial Securities, IFG Network Securities, VESTAX Securities, Washington Square Securities and PrimeVest Financial Services with approximately 10,000 financial professionals. All of the broker-dealers are SIPC and FINRA members. These firms specialize in financial planning, insurance, and third party bank marketing. ING Advisors Network is part of ING’s US Financial Services - which is part of ING Groep N.V.
ING Groep N.V. (NYSE: ING) is one of the largest integrated financial services companies in the world, providing insurance, banking, and asset management products. The company strives to provide an innovative, client-focused approach to its financial products and services through strategic global distribution channels. In the United States, ING offers a comprehensive array of financial services to retail and institutional clients which include retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, life insurance, employee benefits, financial planning, and reinsurance. Currently, ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. Globally, ING serves over 65 million private, corporate, and institutional clients throughout 60 countries. For more information, visit www.ing.com.
Cindy Schaus Phil Margolis
Vice President - ING U.S. Financial Services Director - ING U.S. Financial Services