11.   In financial services, he likes traditional brokerage firms, investment banks, money managers and companies that offer estate and tax-planning services.

12.   In the last month, several electronic networks as well as some traditional brokerage firms have begun to offer after-hours trading to individuals.

13.   In recent weeks, both National Mortgage News and Mortgage Originator, trade publications, noted the potential for business outside the traditional brokerage community.

14.   Increasingly, they are turning to the traditional brokerage firms that the Internet was supposed to make obsolete.

15.   It became the biggest seller of stocks and bonds by slowly building an investment bank on top of its traditional brokerage business.

16.   It will have one stock tracking DLJ Direct, its online brokerage, and another representing its traditional brokerage and investment-banking operations.

17.   Meanwhile, traditional brokerage houses like Merrill Lynch and Goldman Sachs said they will launch on-line services to compete with the upstart on-line brokerages.

18.   Nadel is an early convert to a new breed of investment services that are using Web technology to create alternatives to mutual funds and traditional brokerage accounts.

19.   Once the clearing mechanisms are worked out, the on-line brokerage business is going to decimate the traditional brokerage business.

20.   Other observers believe traditional brokerages will adapt to the new technologies.