However, there is so much information available to investors today that it can also be overwhelming. That is definitely something we emphasize in our training program. Another of the more significant developments has been the creation of our Legg Mason Online service. Technology has certainly impacted how investors get their financial information. In fact, there is so much information being thrown at people via CNN, CNBC, Money magazine and the like, that it accentuates the role of a financial advisor.
Most news is short-term and fleeting.
Training investment representatives to work with their clients and to help them identify key issues that will have a long-term impact on a company's fundamentals is vital. Technology has changed the course of training tremendously. One of the challenges we have at Merrill Lynch with 14,000 representatives and associates at 700 locations is how to train people in a timely, cost-effective way. We have created a concept called the Learning Channel, available through a computer on each broker's desktop. It allows the financial consultant to control when a training session begins, whether to view it in its entirety or in segments, and whether to repeat it.