The investment program for ESL Federal Credit Union, which Iacobelli helped launch in 1997, aims at middle income to upscale investors as a primary market. His goal is to offer services ranging from basic needs of the "emerging investor," all the way to the more complex needs of the affluent/upscale investor. He points to low rep turnover and high client loyalty.
Bank/TPM: ESL Federal Credit Union/ LPL Financial
Location: Rochester, N.Y.
No. of reps managed: 12
Avg. production per rep: $574,000
Total production 2011 (projected): $6.9m
Total production 2010: $5.5m
AUM 2011: $780m
AUM 2010: $650m
Years at the bank: 14
Years in the industry: 24
Age of program: 14
Total number of branches: 20
Product mix: Mutual funds 44%; VAs 20%; fixed annuities 20%; managed accounts 12%; life insurance 2%; equities 1%; long-term-care insurance 1%
Do you decide what products are on the shelf? Yes
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