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Firms on the Leading Edge

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        Merrill Realigns Its Support Infrastructure to Facilitate Adding Value by Stephen C. Winks. In a brilliant series of moves conceived and directed by Stan O'Neal from the very top of the Merrill hierarchy, Merrill will triple its earnings multiple, significantly drive down its cost structure and empower its financial advisors to deliver an unprecedented level of professional investment counsel by realigning its support infrastructure with the thesis of adding value will collapse its mutual fund and managed account wrap fee programs into Unlimited Advantage, simplifying and streamlining its advisory services menu. (Select: Download article in pdf format with graphics or download article in pdf format without graphics - a faster download.)

        Schwab To Announce Advisor-Branded Web Services, The Next Generation of Advisor Support by Stephen C. Winks. Charles Schwab has changed the course of the financial services industry and is about to do it again. It championed the mutual fund supermarket which has been the catalyst for the emergence of fee-based advice within the financial services mainstream and effectively commoditizing financial product access. It championed internet brokerage which commoditized trade execution and shifted the balance of power from trade execution to adding value through fee-based advice. Today, the vast majority of the assets at Schwab are advised by advisors who engage their professional investment and administrative counsel for an on-going advisory fee. And now Schwab is substantially broadening its market by creating advisor-branded web services designed to remove the administrative and resource burden of the financial advisor who wishes to add value. (Select: Download article in pdf format with graphics or download article in pdf format without graphics - a faster download.)

        Raymond James Creates Independent Advisor Division to Compete with Charles Schwab by Stephen C. Winks. Raymond James Financial Services, arguably the most successful independent broker/dealer in the U.S.as measured by the productivity of its advisors, enters into Charles Schwab's space with its own highly innovative offering of services. (Download in pdf format)

        Merrill To Build New Advice Culture, Revamps Training and Compensation by Stephen C. Winks. The greatest challenge within the financial services industry is not that revenues per assets has dropped 53% since 1991; it's not that a new generation of faster, better, cheaper technology has rendered the conventionalcommission brokerage technology platform obsolete; it's not that a totally new preemptive business model built around fee-based advice has emerged; it is the skill of the financial advisor to address and manage a broad range of investment and administrative values essential for the client to achieve their goals and objectives. (Download in pdf format)

        Morgan Stanley Dean Witter Launches "Net Worth Service," Makes On-Line Account Aggregation A Core Business Strategy by Stephen C. Winks. Morgan Stanley Dean Witter, in a race for client trust and market leadership, has put a line in the sand that will require the brokerage industry to compete with it on the basis of its technology and vision. MSDW is the first brokerage firm to announce on-line account aggregation as a core business strategy by launching of its Net Worth Service. (Download in pdf format)


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        Merrill Lynch Begins Reengineering Its Brokerage Division Around High Level, Comprehensive, Expert Advice by Stephen C. Winks. Merrill Lynch, the nation's largest brokerage firm, is beginning to make the transition from an old economy company to a new economy company by selectively cutting 5.4% of its 37,000 brokerage division workforce, or 3% of Merrill's 68,600 employees. (Download in pdf format)

        Ten Regional Accounting Firms Form Capital Professional Advisors, Inc. to Provide Investment Advice by Stephen C. Winks. With the Big Five accounting firms spinning off their management consulting operations into separate businesses which often exceed the capitalization of their accounting services practices, it is not surprising that regional accounting firms would pursue a similar strategy to diversify their accounting revenues while maximizing the value of their enterprise. (Download in pdf format)

        SSB Loses Cusack to Schwab As It Gears Up Its Separate Account Management Business by Stephen C. Winks. Jeff Cusack, one of the most experienced senior persons at Salomon Smith Barney's storied Consulting Services Group has been lured away by Schwab Institutional to become general manager of Separately Managed Accounts. Schwab is an extraordinarily positioned firm that is about to make a breakthrough with Jeff Cusak, and separate account management is destined for greatness. (Download in pdf format)

        Cortez and Pastore Join Goldman Sachs to Create and Execute the Firm's Consulting Strategy by Stephen C. Winks. Richardo Cortez, the Prudential Securities veteran who ran sales and marketing in its investment management consulting business unit (Investment Management Services), and Peter Pastore, the Salomon Smith Barney veteran who ran Systems, Operations and Administration for its consulting business unit (Consulting Services Division), have joined Goldman Sachs. (Download in pdf format)

        First Union Securities Raises the Bar for Independent Brokers/Dealers, Creates First Union Financial Network by Stephen C. Winks. First Union Securities is the first major national brokerage firm to enter the independent broker/dealer market and has brilliantly triangulated its market presence and how it supports financial service professionals,forever changing the dynamics of the independent broker/dealer business model. You can either be an employee of First Union Securities, the nation's sixth largest brokerage firm, or you can be an employee who participates in Profit Formula where the firm unbundles its services for a higher pay-out and you pay for the level of support you choose, or you now can be totally independent and join First Union Financial Network. (Download in pdf format)

        London Pacific Introduces Web-Based Consulting Platform, Preempts Third Party Wrap Program Vendors by Stephen C. Winks. London Pacific has created the first internet-based, investment product-neutral, comprehensive investment process technology and turnkey electronic back office system that not only greatly simplifies what the consultant does, but empowers the consultant to deliver an unprecedented level of professional investment and administrative counsel. (Download in pdf format)

        CitiGroup Creates Private Wealth Management Group to Facilitate Total Solutions for the Ultra High Net Worth Market by Stephen C. Winks. Have you ever felt you didn't have the tools and resources to compete with J.P. Morgan, Goldman Sachs or Bessemer Trust for those highly visible ultra high net worth clients in your community? CitiGroup has an answer that not only levels the playing field but gives the consultant a competitive edge. CitiGroup has created a new private wealth management group headed by Chris Poch, which is harnessing the entire wealth management resources of CitiGroup to empower Salomon Smith Barney consultants to provide a total solution for the ultra high net worth client having more than $50 million in assets. (Download in pdf format)

        Innovative Chase H&Q Platform Facilitates Breakthrough in Service by Stephen C. Winks. Ever wonder exactly how investment banking-brokerage firms that have private client groups with a $10, $25, even $50 million minimums provide high level advice? Chase H&Q, the result of The Chase Manhattan Bank buying Hambrecht & Quist, is an extraordinary firm that has created an extraordinary platform for high level advice. Chase H&Q Executive Financial Services (EFS) is a division of The Chase Global Private Bank, one of the leading wealth management organizations in the world. It's no wonder that their 100 financial consultants, averaging over $2 million in gross revenues, are five times more productive than the average wirehouse broker. (Download in pdf format)


Quick Page Links:
   Registration
   Consultant's Toolbox
   Fast-Breaking Innovations
   Society of Fiduciary Advisors
   How to Add Value
   Managing Your Practice
   Growing Your Practice
   The Best and Brightest
   Benchmarking Studies
   Professional Development
   Firms on the Leading Edge
   The Next Generation Thesis
   Asset Management
   About Us
   Return Home
Sponsored by iShares

Click here to check for powerful Consultant Toolbox Solutions

        USB Buys PaineWebber, Creates a Global Financial Services Firm Aimed at Affluent and High Net Worth Investors by Stephen C. Winks. The world is getting smaller. PaineWebber, the fourth largest private client franchise in the U.S., has been acquired by UBS, AG, the largest private bank in the world. The two institutions have highly complementary franchises which focus on the affluent and high net worth investor. PaineWebber will retain its name and will operate within the Warburg Division of UBS. (Download in pdf format)

        Wells Fargo to Double Its Private Client Service Unit by 2002 by Stephen C. Winks. Wells Fargo, the bank that understands investment management consulting, that has integrated both the asset and liability sides of the client's balance sheet into their advisory services, that has a definitive approach to estate planning, that will likely be the first firm to any kind to offer an internet-based, comprehensive investment process technology which will empower its consultants to consistently deliver an extremely high level of professional investment counsel, wants to double its private client business .... (Download in pdf format)

        Merrill Lynch Acquires Midland Walwyn by Stephen C. Winks. Merrill Lynch, in a continuation of its worldwide acquisition strategy, has entered into an agreement to acquire Midland Walwyn, the third largest brokerage firm in Canada. Midland Walwyn is the fastest growing brokerage firm in Canada, having grown from $6 billion in assets in 1990 to $42 billion today. It is the only major Canadian firm not owned by a Canadian bank and thus has had the reputation of being the most nimble and entrepreneurial of the major Canadian brokerage firms. (Download in pdf format)

         Consulting in NationsBank's Future? by Stephen C. Winks. Ken Lewis, president of NationsBank, believes that over the next several years there will be only five or six banks of a national stature that will remain as the consolidation within the banking industry continues. (Download in pdf format)

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