Sallie Krawcheck Welcomes Competition From RIAs, Independent Broker-Dealers

Monday, March 07, 2011 01:42
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Sallie Krawcheck Welcomes Competition From RIAs, Independent Broker-Dealers

Tags: bank of america

As head of Merrill Lynch, Sallie Krawcheck has to wear a lot of hats: queen of the thundering herd, liaison to the bankers who now own the great American brokerage firm.

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Great profile on her at Investment News. Some surprising tidbits:

 

* She hates the idea of cross-selling bank products into her brokerage channel, which is unlikely to make her popular with the Bank of America bosses.

 

* She mocks the idea that a flood of Merrill reps are going to independent firms. Retention is a concern, but she's more interested so far in applying the stick to those who leave than she is in enticing would-be breakaways with incentives.

 

* She relishes the prospect of head-to-head competition with any and all comers, especially independent broker-dealers.

 

* Reps say they're being funneled into cross-selling relationships anyway, and just knowing that the boss is philosophically on their side doesn't help much.

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