WHO WILL BE NUMBER ONE AMONG THE WIREHOUSES?

Byrne discusses how Wall Street fight for retail assets in becoming Number One among wirehouses. He tells that bragging rights on Wall Street are huge and matter to the rank-and-file financial advisor. Merrill Lynch has traditionally taken the No. 1 title among Wall Street retail brokerages but some...

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Bibliographic Details
Published in:REP 2010-10, Vol.34 (10), p.58
Main Author: Byrne, John Aidan
Format: Magazinearticle
Language:English
Subjects:
Accounting firms
Advisors
Banking industry
Big business
Business growth
Central business districts
Economic conditions
Online Access:Get full text
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Summary:Byrne discusses how Wall Street fight for retail assets in becoming Number One among wirehouses. He tells that bragging rights on Wall Street are huge and matter to the rank-and-file financial advisor. Merrill Lynch has traditionally taken the No. 1 title among Wall Street retail brokerages but some say that following the shotgun marriages of late 2008, Morgan Stanley Smith Barney, the joint venture majority owned by Morgan, has a chance at the top spot. Meanwhile, rumors that Morgan's wide lead in headcount has been thinning as Morgan brokers bolt for the competition aren't borne out by the numbers over the longer term. Today, Merrill advisors are again the most productive in the business wherein their average annualized fees and commissions totaled $836,000 per Merrill advisor in the second quarter.
ISSN:1539-7149
2469-6269
2469-6277