Sallie Krawcheck, the recently installed head of wealth management at Bank of America/Merrill Lynch, said that the road ahead would not be easy for the few large brokerage firms left.

“We have a lot of work to do as an industry,” said Krawcheck, whose official title is BoA president of global wealth and investment management. A handful of large players will lead the industry in the right directions, she said at a press breakfast this morning at Bank of America Tower in midtown Manhattan.

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