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Karen Leary Paper & Presentation
Background
• 1940’s Merrill Lynch core approach: tight bond of brokers (“account executives”) with clients. Large network of offices, support by training & research. 1983 retitled “financial consultants”, wide-ranging line of various products – one stop shop
• Ted Chung, hired to increase involvement with growing Taiwanese population – opens 1x $6mil account as 1st year financial consultant
o Early 40’s, mature, stable, responsible, born in Taiwan, independently wealthy
o Excellent networking, establishing contacts with NY Merill support staff
o Excellent test scores
• Karen Leary, joined as FC in 1975, then Chicago sales manager, 1983 resident VP/GM at Elmville branch
o Aggressive, favors growth over consistency. Terminated 8 at new branch, some had been FCs for >6 yrs. 1985 goals: complete office renovation, open new satellite office, and develop small business trade. Desire to build culture of “high producing, successful group of professionals who help one antoher and work together”
o On-the-spot informal, hands-on training. Very knowledgeable of product offerings, knack for matching to right client.
o Invests time & original training ideas (mentor program pairing successful/experienced top producers with new blood ? “learn firsthand superior customer service & prudent money management”
o Emphasis on compliance (avoiding unsuitability, misrepresentation, unauthorized t ...