In fact, that is the model we are building at Merrill Lynch. And I think we will see aggregation and consolidation driven by the complementary forces of client empowerment, the Internet and open architecture. And I believe the trump card in these bundles will be access to trusted advice. This requires an investment in meaningful content for the individual. Choice and an open environment will be necessary for success in the information age, but they won t be sufficient.
Any firm can put up a Web site and link it to other sites.
That by itself adds little value for clients. The value comes from leveraging choice and an open architecture with a genuine commitment to delivering meaningful, personalized content through a trusted relationship. The winning firms will provide advice that is personalized and firmly cemented in enduring investing principles.