Merrill Lynch & Co. is not alone in straddling the worlds of full- service brokerage and on-line trading.

Many traditional financial advisers say the marketing position is not an awkward one, describing on-line trading as an evolutionary step, not revolutionary step. On-line-only brokerage service does not present a long- term competitive threat, they say, because technology improves customer service.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.