Sunday, September 14, 2008

Merrill Lynch.....Sold......To Bank of America

In a deal no one would have predicted twelve months ago, Bank of America has agreed to pay $44 Billion for Merrill Lynch. My career highlights have now come full circle, I started my financial services career at Bank of America, then went to Merrill before moving on to Morgan Stanley and Citibank (and then starting Meridian Wealth Management). I can tell you this, the Merrill Brokers are probably in shock right now.

For those of you who still think Merrill is a smart place for your money - consider that the company fell face first into nearly every major financial implosion in the past two decades, this last one (the subprime mortgage crisis) was the one that finally wrestled the bull to the ground. B of A will not take this bull by the horns, but don't think you'll be getting any better advice.

Scott Dauenhauer, CFP, MSFP, AIF