Robert Frank's Farewell to Citi's Sallie

In The Wealth Report, Sallie Krawcheck's ouster from Citi inspires Robert Frank to criticize the way today's megabanks run their brokerage and private-banking units:

The key to keeping rich investors as clients is to take the long view, accepting the occasional missed trade today for 20 years of steady fees later.

The “jam and cram” school of investment banking–pushing a financial product that the bank needs to sell rather than one the client needs to buy–is profitable in the short term. But it can be deadly in the long term.

It is no wonder that multifamily offices and wealth-management boutiques are thriving.