Last year, Merrill Lynch made the most cuts, lopping off 25%. Edward Jones added the most.

Top 10 Firms By Number of Reps
As of January 1
Firm No. Retail RRs No. B/D Offices
Merrill Lynch 15,147 744 (5)*
Morgan Stanley 13,191 550 (11)
Smith Barney 12,927 581 (10)
UBS PaineWebber 8,801 374 (14)
Edward Jones 8,595 8,215 (1)
Wachovia 7,595 585 (8)
A.G. Edwards 7,267 705 (7)
Charles Schwab 5,448 430 (13)
Prudential 5,384 234 (15)
Fidelity 5,250 139 (20)
* Overall rank in particular category
Source: Securities Industry Association 2002-2003 Yearbook