Word: pottruck
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More than ever, investors of modest means who are looking for financial advice will have to go it alone. That's the lesson behind last week's sacking of CEO David Pottruck at discount brokerage Charles Schwab. Since taking the sole helm at Schwab 14 months ago, Pottruck has been unable to make the firm's middle-market strategy pay. And with onetime everyman firms like Dean Witter gone and Merrill Lynch refocused on the rich, it's not clear that anyone will step up with a full plate of services for ordinary folks...
With founder and eponym Charles Schwab replacing Pottruck, many expect the firm to focus on the discount brokerage business, which accounts for 70% of its pretax income. But Schwab could make a decisive assault on the full-service brokerage industry or even be put up for sale. What's clear from the firm's troubles--it lost 44,000 accounts in the second quarter, when profits fell 10%--is that the middle market is a tough racket. Don't look for anyone to rush into this void...
...Harvey's luckless defeat padded the Quakers' lead, and a pin by undefeated Mark Faller at 177 was counterbalanced by Dave Pottruck's 4-2 win over the Crimson's Tony Rayner, who wrestled in place of Dave Scanlon, at 190. Jim Abbott needed a pin at unlimited to tie the match, but Bob Kaufman played possum and salvaged...
...other notable Quaker is Dave Pottruck, runner-up in the Easterns last season at 190, who will go against either Dave Scanon at 190 or Jim Abbott at unlimited...
John Imrie, the 191-pounder, just missed giving Harvard one of those wins. Imrie went ahead by two points in the final period of his match, but Penn's Dave Pottruck earned two points for riding time and tied the match. The tie made a Harvard victory impossible, and Tom Tripp's win in the unlimited class only tightened the score...