It’s no secret that the downturn in the automotive industry has
meant a downturn for the economy in Michigan. When the Big
Three automakers can’t make money, it’s usually difficult for most
other businesses in the state to make money.
Jim Kreutzer is the regional managing director for Merrill Lynch
in Detroit, and though he has the clout of one of the most well-known financial planning firms in the world on his side, it hasn’t
absolved him of having to negotiate the murky waters of
Michigan’s economy like every other business leader in the state.
So far, Kreutzer has been able keep growing in spite of the economy.
By focusing on growing areas in which Merrill Lynch has historically excelled, such as retirement planning, Kreutzer has been
able to buck the negative trend, growing his portion of the company by approximately a 12 percent rate during the past three
years.
“We’ve really committed to growing our presence in the state,” he
says. “We’ve grown our sales force by about 5 percent per year over
the last three years statewide. We’ve opened up some new offices in
some of the growth markets while still staying committed to some
of the more traditional areas of Michigan, such as downtown
Detroit. There is still a lot happening in Michigan, it’s just happening
in different ways than it did in the past.”
This is how Kreutzer has grown Merrill Lynch’s presence in Michigan
— where Merrill Lynch had approximately $440 million in revenue last
year — by tailoring his company’s services to his clients’ needs and by
making sure his employees are always ready to rise to the demands of
a growing company.
