ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, September 6, 1996 TAG: 9609060024
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
Wheat First Butcher Singer Inc., a Richmond-based stock broker, has opened an office in Kansas City, Mo., with a new operating format designed to promote an entrepreneurial environment for the brokers.
Under the strategy, brokers - called financial consultants by the company - will set up offices, pay their own expenses and hire their own staff while using the firm's trading, marketing, research and administrative services.
All participants in this program, including support staff, will be considered Wheat First employees and eligible for benefits. The firm will assist brokers with their start-up costs.
Marshall B. Wishnack, chairman of Wheat First, said the brokers will have more control over the operation of their offices and method of compensation. They will receive a higher percentage of fees and commissions than in traditional brokerage arrangements.
He said current Wheat First brokers eventually will have the opportunity to convert to this new arrangement if they meet the qualifying standards. Those are brokers with substantial client assets who are seeking independence.
However, Tyler Pugh, senior vice president and manager of the Roanoke office, said the new system will have no immediate impact on operations here.
The Kansas City office is the first outside the firm's traditional trade region in the mid-Atlantic states. Wishnack said Wheat First intends to open up to 20 offices in the next year and is evaluating opportunities nationwide.
LENGTH: Short : 34 linesby CNB