With Norman R. Malo of National Financial Services LLC.(One on One)

Investment News, April, 2007

Byline: Bruce Kelly Norman R. Malo, president and chief executive of National Financial Services LLC, likes to talk about the potential for change at clearing firms, which clear and settle trades - and perform other tasks - for most independent-contractor broker-dealers. "It used to be, all we did was clear and settle, but that has changed drastically over the past five years,'' said Mr.

Malo, 56. "Then, I'd say, 98% of my clients wouldn't want me to talk to their broker,'' he said. "Now they say, `How can you help train my broker on your platform?''' Some in the industry credit Mr. Malo for National Financial's recent gains. When he took over as chief executive in 2003, the unit of Fidelity Investments of Boston was fourth among clearing...

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