Consolidation and cost-cutting measures continue to have their effects on the brokerage industry. National broker/dealers, regional firms, independent b/ds and insurance b/ds all shed reps from 2003 to 2004, with only RIAs and banks showing an increase in advisor staffing. Still, full-service firms represent six of the top seven in terms of advisory forces.
Top 10 Broker/Dealers, by Advisor Headcount
| 1. Merrill Lynch | 15,000 |
| 2. Wachovia | 11,500 |
| 3. Smith Barney | 11,411 |
| 4. Morgan Stanley | 11,086 |
| 5. American Express Financial Advisors | 10,545 |
| 6. Edward Jones | 9,409 |
| 7. UBS | 7,766 |
| 8. ING Network | 7,534 |
| 9. AIG Sun/America | 7,467 |
| 10. MetLife Securities | 7,433 |
| Source: Cerulli Associates, Nelson's, SIA. Data for 2004. |
0 comments
Hide comments
