Abstract
o Some see the increasing complexity of the investment business as the leading crest of a wave that will reshape the entire business. Others see it as a backwash of the unhappy investment experience of the recent past. Whatever its nature, it has already spawned several important innovations. The direct relationship between a securities firm and its client has given way to a world in which most wealth is owned by one group of people and managed by another. At the same time, the advent of the computer has made possible investment comparisons involving a large number of securities simultaneously and income streams running as much as a decade into the future comparisons possible only with data gathered by large research staffs. Finally, clients now expect their investment advisers to understand their individual needs for high or low beta stocks, high or low yield securities, long or short investment horizons, etc. A securities firm's survival will depend on its ability to convince the client that it is offering something of value something that will help him improve his investment performance. Now is the time for leaders of securities firms to rise above the daily transactions they have for so long considered the lifeblood of their business and devote their talents to developing a distinctive competence that they can market successfully to their customer base. .
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