ML Brokers becoming Bank brokers is another nail in the coffin for us. Clients are tired of this commissioned based conflict of interest model. My friends at Schwab and Fidelity said they were literally on the phone all day, and my buddy at Schwab had $16million in incoming acats today, $5million from Lehman and the rest from ML. He's got appointments with ML clients the rest of the week. His manager got 7 calls from ML reps looking for a job.
The banks have got the foot traffic coming in and the banking platform, the discounters have got the marketing, pricing, products and service to bring in and retain the Full service client.
Stick a fork in me, I'm done.