Professional Brokerage Experience

MERRILL LYNCH & CO.  New York, NY; Jersey City, NJ; Somerset, NJ
1976 - 2001

Director – Client Services Support Group (1994 – 2001)

Responsible for strategy, development, maintenance and enhancement initiatives for systems that supported the U.S. Private Client Services (USPCS) sector. Managed a total staff of 180 to 210 professionals in software development, with an average annual budget of $25 million.  Client base included eleven departments across three divisions and the USPCS retail offices.

Member of the Private Client Technology Strategy Committee, a bipartisan group with members selected from operations and technology management, chartered to determine whether to replace, rewrite, restructure, reinvent or re-architect all core business systems. Committee created a five-year plan as a “living” document; chair for Document Technologies.

Managed the following disciplines:

·          Client Information Systems – Corporate repository of client data (including customer profile and household information), covering 11 million accounts under management.  Authored master plan for the rewrite/restructure from IMS to DB2, while porting from CICS to Web, and incorporating external systems.

·          Advanced Service and Processing – CICS-based, internally developed system to complete service requests from clients through the branch-office network. The system accommodated routing between business units with initiator notification upon task completion. Served as a workflow pioneer within Merrill Lynch; interfaces to twenty-two systems. CRM would replace.

·          Private Client Document Technologies – Chartered this new organization to operate as a “core competency center” in the discovery, design and delivery of document automation systems, primarily through COTS integration. Provided a variety of solutions to multiple business units through a common backbone. Created document, process and architecture models for the enterprise. Negotiated purchase and service orders with all vendors (e.g., Documentum, Xerox, Visioneer) for product design/delivery and provision of T&M and/or fixed-price consulting services.

·          Client Reporting and Information Systems – Comprised of Client Statements, Tax-Lot Accounting and Tax Reporting systems. Identified process deficiencies and completed the re-architecture of the statement system from 3 segments into 26 segments, enabling monthly parallel processing of 11 million accounts within 48 hours.

Director/Manager - Custody Support Systems (1981 – 1994)

Responsible for strategy, development, maintenance and enhancement initiatives for systems that supported the Custody Operations Group. Client base included six departments across two divisions. Managed a total staff of 44 professionals, with an average annual budget of $5 million.

Managed the following disciplines:

·          Securities Processing (Special Project 1988 – 1992) – Responsible for the architecture, development and enhancement initiatives to consolidate the distributed securities processing centers in Philadelphia and Chicago into the New York center. Negotiated the vendor contract for this three-year project, which resulted in net savings of over $15 million per year, providing fully automated certificate transfer processing. Managed a total staff of 19 professionals in software development, with an average annual budget of $4 million.

·          Insurance (Special Project 1990 – 1992) – Directed the strategy, development and enhancement initiatives of the Insurance Group's re-architecture plans, with a working budget of $11 million.  Managed a total staff of 17 professionals in software development. Designed and managed the development of a paperless annuity application and a direct crediting system for internally redundant customers (insurance/brokerage).

·          Stock Record Restructure – Designed and managed the development of an IMS Stock Record History database to provide over 90 days of historical data on security positions maintained by the brokerage operation.

·          Corporate Actions – Managed the development, maintenance and enhancement activities for the all systems supporting MLPF&S Custody operations (Equity and Fixed Income) – Dividend/Interest, Reorganization, Proxy, Dividend Reinvestment, and Post-Settlement Trade Corrections.

·          Developed the strategy to begin the redevelopment of all related systems into online, database architectures, through process and data decomposition.

·          Responsible for the inclusion of TEFRA processing into affected operating areas (trades, dividend/interest, capital changes) to accommodate backup withholding on gross proceeds. Tax-reporting requirements document became a by-product.

·          Responsible for development and enhancement initiatives for Reorganization processing, previously an entirely manual operation. Processed redemptions, exchanges, calls, tenders, rights and warrants. Designed and managed the development of an online, interactive system to process all transaction types with perpetual, historical information available. Authored and negotiated the fixed-price contract for consulting services under which existing software was sustained while new software was developed.

Project Manager - Dividend/Interest and Name & Address (1976 – 1981)

Responsible for the maintenance and enhancement activities on the system supporting the Dividend/ Interest Department, as well as support for the Name & Address system before and during its conversion to database technologies. Incorporated into the portfolio all ZIP code verification processors from external vendors.