MFS Fund Distributors has merged its advisor and bank distribution channels. Since the October 1 change, several executives have also shifted roles within the firm.

During the initial distribution change, Jim Fitzgerald was promoted from director of the advisor division to manage both groups as executive vice president and director of strategic planning. Sean McLoughlin, once a wholesaler, was promoted to director of marketing for the financial institution division. William Finnegan became the director of marketing for the advisor division. He had been national accounts manager for financial advisors division. Both were responsible for key accounts within their respective divisions. Larry Milder became responsible for overseeing the wholesaling staff as the national sales manager. Milder had formerly been the East Coast senior divisional vice president under Fitzgerald.

At the beginning of this year, Grant Baxter, former vice president of the advisor division, was promoted to director of marketing of the advisor division. He takes the place of Finnegan, who switched to director of marketing for the financial institution division to replace McLoughlin. McLoughlin returned to his former role as regional vice president in the New England territory. When the wholesaler who had taken his place left, he decided to return for personal reasons.

"Sean wanted to move back out to the field because he was commuting from the Cape," explained Fitzgerald. "We really respect him for what his decision is."

By bringing the two divisions together, the firm had hoped to introduce efficiencies into the sales process by reallocating the territories into physically smaller areas.

"We created rep-rich geographically concentrated areas for our wholesalers," explained Fitzgerald. "We wanted them to really be able to work very closely to their reps and really bring value to their relationships and help build their business."

Fitzgerald also cited quality of life as a factor. With smaller territories, wholesalers are able to travel less and spend more time with clients -- and their families. Overall, the new structure seems to be working for MFS.

"So far this month alone, we're running fifty percent ahead of last year in the combined territories. We're seeing a lot of leverage and a lot of new energy," said Fitzgerald. "We've done extensive cross-training. We've built a department to really support them."

 

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