 Most of the firms are being forced to focus on recruiting efforts [for veteran advisers] so as not to lose market share,” he said. “It's a slow way to hold on. Building market share is tough through training"Scott Smith, Analyst, Cerulli Associates |
Attrition and breakaways have shrunk head counts at wirehouses
Mason Braswell | InvestmentNews, May 2015
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Summary: When Morgan Stanley bought Smith Barney from Citigroup Inc. in 2009, it created the largest brokerage force in the industry with more than 20,000 of what the company referred to in a press release as “high-quality” financial advisers. The long-term target, the firm said at the time, was to maintain a workforce of between 18,500 and 19,000 advisers.
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