The Power 25 Elite: E. Stanley O’Neal

Age: 49

President, Merrill Lynch & Co. Inc.’s private-client group in New York

Power play: When Mr. O’Neal speaks, the brokerage industry listens – and it had better: He heads Merrill’s 16,000 brokers and financial consultants.

Mr. O’Neal announced at an industry conference in November that the nation’s largest brokerage wasn’t in the business of selling stocks and bonds anymore. “We’re in the wealth management business,” he said.

And in the fall, Merrill’s brokers were told to steer accounts of less than $100,000 to Merrill Lynch Direct.

Many saw the move as pushing small investors into online accounts and pushing brokers into chasing clients with more money. And the firm was considering lengthening the training period for its brokers.

Soon after assuming the top spot last February, Mr. O’Neal began to make his presence felt. He said in the summer that he was going to cut as many as 2,000 jobs from the brokerage group – mainly in the marketing, technology and strategy areas – to meet management goals.

Bottom line: With a leaner, meaner management style, Mr. O’Neal appears to have what it takes to escort Merrill through the transition from a business based on commissions to one based on fees.