Twelve years after opening its virtual doors, DLJdirect Inc. is making some important adjustments to its strategy, cutting the ribbon at bricks-and-mortar sites, and forging ahead with efforts to develop products and seek out wealthier clients through alliances with financial partners, including banking companies.

K. Blake Darcy, the company's chief executive officer, says the changes are needed to succeed in an investing market where much of the competition already has a well developed hybrid strategy.

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