Remember the old EF Hutton commercials that said, “When EF Hutton talks, people listen?” By the end of the year, you’ll hear that famous slogan again. Frank Campanale, the former head of the Smith Barney Consulting Group, will be the CEO of the resurrected firm.
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A group of former Hutton
employees bought the firm’s name from Citigroup, Inc. when it came up for sale after the 2008 crisis. The group has hopes that the reputation of the old Hutton will attract advisors to the new firm.
The new Hutton will face stiff competition within a changed industry landscape. The significant growth in independent RIAs and broker-dealers with their broader array of services will present different challenges than those faced by the original Hutton.