Remarks on "Financial Services Integration: Right for Some, Wrong for Others?"

I have been asked to provide some introductory remarks on the structure of the financial services industry in the 21st century. Each of the panelists will give their own unique perspective on why consolidation is or is not a good idea for the firms where they work. I, on the other hand, would like to take a little time to provide an overview of what I see as competing “models” for the delivery of financial services. I will try to argue that these models are not necessarily mutually exclusive and that certain clientele may be attracted to one or the other. Thus, integration will indeed turn out to be right for some and wrong for others.