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Smith Barney sees early success with push into advisory product; New program is designed to make brokers look like RIAs.(News)
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Investment News
- Article date:
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September 26, 2005
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Copyright informationCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Brooke Southall
SAN FRANCISCO - Smith Barney is reporting success in rolling out a pricing model that makes its stockbrokers look more like registered investment advisers.
The New York-based broker already has 1,100 brokers, or 10% of its sales force, with a combined $1 billion placed into the Smith Barney Advisor program since it was introduced in June.
But the program could really take off next year as it evolves into a supermarket of investment choices similar to Total Merrill, the signature cross-selling program used by many brokers at New York-based Merrill Lynch & Co. Inc., analysts said.
For now, the program allows brokers to manage only ...