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A memo to Merrill Lynch brokers and customers from an executive who's walked in Sallie Krawcheck's shoes

The brokerage chief's departure last week marks the end of the experiment of a semi-autonomous Merrill Lynch

Author Guest Columnist Jeff Spears September 12, 2011 at 1:07 PM
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Jeff Spears: The profit margin on brokerage revenues is in the low teens. For banking products and services, it’s 30%-plus.

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Broker Jim Iannazzo went all out with high-powered attorneys and slick Las Vegas crisis pr team to limit the damage from his actions, but whether he can ever live down the incident remains to be seen.

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Cory Binsfield

Cory Binsfield

September 12, 2011 — 2:36 PM

For the record, the cross selling started as soon as Merrill was rescued by BOFA. Worse, wirehouse brokers are employees not business owners. This is why the independent/RIA model continues to expand. Fortunately, clients are finally discovering that being with a big firm does not ensure you are getting the best advice. If Merrill and Lehman could not manage their own finances, how can they manage their clients?

Ron Edde

Ron Edde

September 14, 2011 — 5:03 PM

The exodus is about to begin.
Ron Edde
Executive Recruiter
760-583-4806

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