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Smaller RRs Being Forced Out

By Mark H. Astarita, Esq.

Since I spend a fair amount of my time representing brokers who are changing firms, the fact that the wirehouses are dumping small producers is not news to me, or to my colleagues who work in this arena.I have blogged about this in the past, here for example, andRegistered Rep has an article today detailing the size and scope of these terminations. According to the article, UBS is cutting over 2,000 employees in its wealth management group, many of them advisors - to the great concern of producers at less than $300,000. Merrill changed its grid in December, cutting payouts in half for $200,000 producers.As a businessman, I understand the cuts. It is difficult for a firm the size of UBS or Merrill to support a rep who produces less than $300,000, and while they won't say it, quite frankly, they do not want those reps...continue to full post

Full post as published by SECLaw.com on April 22, 2009 (boomark / email).