Business Services Industry
Shedding sales force at Phoenix Cos. unleashes backlash, could crimp business.
Knight Ridder/Tribune Business News, July, 2004
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Jul. 30--The Phoenix Cos.' decision to divorce its sales force two months ago has spurred a bitter backlash that could cost the company future business and result in an arbitration complaint by some former salespeople.
Phoenix, trying to reposition itself and boost profits, sold WS Griffith Securities Inc. and Main Street Management Co. -- broker-dealers that comprised a sales force of financial advisers -- on May 31. The buyer was Linsco/Private Ledger, known as LPL Financial Services.
Now some former WS Griffith advisers say they're losing tens of thousands of dollars in commissions, retiree medical benefits and potential business because of the way...
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