Corporate & Securities Law

According to InvestmentNews, more than 1/3 of the 3,531 registered representatives who changed firms last month came from independent broker-dealers.  The bulk of the brokers, 68%, moved to other independent brokers, according to Discovery, a database firm.  A little less than one in four shifted to broker-dealers affiliated with mutual funds, banks, insurers and other institutions.  Finally, just 13% of the brokers who picked up stakes last month, or 468, were from the three wirehouses - Bank of America, Merrill Lynch, Wells Fargo Advisors and Morgan Stanley Smith Barney.

Source:  InvestmentNews