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Fearless Merrill Lynch team breaks away with $1 billion in broad daylight

Paul Pagnato and David Karp started their day in Washington DC and ended up in Reston, Va.

Author Brooke Southall August 2, 2011 at 5:58 AM
Admin:
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Many of Paul Pagnato and David Karp's clientele have security concerns so they keep a low profile - including no photos.

Mark Starosciak

Mark Starosciak

August 6, 2011 — 4:11 PM

The Big Bank Brokerage (B3s) model is a dinosaur. Formally, you needed the support of a large institution to gain access to the systems and investment vehicles required to serve the affluent investor. Today, you can run the entire business from a laptop, practically. Technology is the great equalizer and as more big teams realize the huge benefits to running their own shop, expect the flood to continue. Undoubtedly, the B3s will react too late and see their influence in the industry continue to diminish.


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Mentioned in this article:

Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey



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