Five years after crisis, advisers can sleep at night, but clients still nervous
Since the dark days five years ago when Lehman failed and Merrill sold its brokers to Bank of America, advisers and financial markets have recovered but clients remain scarred and nervous, worried about a repeat. What are the chances?
Five years ago, as Lehman Brothers Holdings Inc. was allowed to fail and Merrill Lynch & Co. Inc. sold its 17,000 brokers to Bank of America Corp. to avoid its demise, financial advisers quickly realized the country wasn't facing just another market blip.
“There was the sense that unthinkable
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