It's all the rage on Wall Street-ditchingyour big, ailing bank to set up your own shop. Meredith Whitney left Oppenheimer to start her own firm; so did Morgan Stanley consumer staples analyst Bill Pecoriello. Goldman Sachs rainmaker Byron Trott has flown the coop to launch his own merchant-banking business. Thinking of going it alone? Whether your specialty is research, M&A, or investment banking, it's harder than it sounds. Start by following this advice.
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