Today's New York Post reports that " Merrill brokers [are] wary of Krawcheck redeemption."
The trouble with that kind of story --- reaction stories --- is that they are far from a true scientific sampling of how Merrill advisors feel. I talked to a couple of Merrill brokers who had a more optimistic reaction to Krawcheck's joining Bank of America as its head of Global Wealth Management and Investment Management division.
"I think it's awesome," says one of Merrill's biggest financial advisors. "She is a broker's advocate." But, on the other hand, the advisor says, at the end of the day, it's not that important to him: He just wants to focus on his own job.
Oh, and the Post didn't get the story exactly right. It says that Krawcheck was "replacing" Dan Sontag, the head of client relationship group, who was a long time Merrill man. In fact, Krawcheck is replacing Sontag's boss, Brian Moynihan, who will now run consumer banking at BoA.