A push into the independent financial planning channel of Dreyfus Funds of New York, is developing at a healthy clip but is following a very different business model than the firm intended when it announced these plans early last spring. (MFMN 4/26/99)

Dreyfus had originally intended to set up an internal financial planning/independent sales support division out of New York, flying in the face of competitors' heavy reliance on outside wholesalers. Mike Millard, executive vice president and director of sales at Dreyfus, had acknowledged when the effort was initiated, the difficulty of recruiting employees to work in-house since it is expected within the industry for such positions to be stepping-stones to more prestigious, better-paying outside sales positions.

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