Brown Deer-based Bank Mutual has changed the name of its wealth management subsidiary, BancMutual Financial & Insurance Services Inc., to Mutual Financial Group.
The wealth management arm has a new logo and will do business as Mutual Financial Group, but its legal name will remain the same. Mutual Financial has also shifted its broker-dealer business to LPL Financial, the largest independent broker dealer in the country.
Bank Mutual has operated Mutual Financial Group since 1910. The subsidiary has 12 financial consultants that serve the bank’s branches across Wisconsin and in Minnesota, providing insurance and investment planning, advisory products, brokerage services and wealth management services.
“The name, Mutual Financial Group, was selected to reflect our access to comprehensive financial and investment planning products and services and will better position us to continue in the growth and development of our wealth management program,” said Dave Baumgarten, president and chief executive officer of Bank Mutual.
“We’re excited to begin doing business as Mutual Financial Group and look forward to leveraging the resources we now have available to us through our new broker-dealer relationship, ” said Steve Dryer, president of Mutual Financial Group.