In the Clear
by May 12, 2003 12:00 am 66 views
Arvest Asset Management, the broker dealer and financial services arm of $4.5 billion Arvest Bank Group Inc., is changing clearing houses.
AAM, founded in 1985, has used Firserv Securities Inc. of Philadelphia, Pa. But Mel Parks, CEO of AAM, said customer feedback led the company to look for a clearing firm that could make its statements more comprehensive and easier to read.
AAM’s new clearing house vendor, First Clearing Corp. of Richmond, Va., will also assist in the execution of securities trades.
Parks said customers will see an improvement in their statements and services, but wouldn’t reveal what new services might be coming AAM’s way. It’s mostly a back-office change, Parks said, but “within a year” customers will see “an improvement in the way [AAM] does business.”
The change will also have no affect on AAM’s fee structure, Parks said.