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Brokers Still Leaving Wirehouses

By Mark H. Astarita, Esq.

Over the last two years our practice has seen a marked increase in brokers who are leaving wirehouses. We have always represented advisers who are changing firms, but with the mergers of Merrill Lynch and Smith Barney into their former competitors, there has been a significant increase in these matters. We are also seeing an increase in the switch to becoming an investment adviser, something which we have been recommending for yearsInvestmentNews.com, in an article titled Why more than 7K reps left the big brokerages in 18 months takes a look at the broker movement. From poor management decisions to material changes in compensation and business philosophy, its no wonder brokers are leaving their firms and becoming investment advisers.Starting and operating an investment advisory firm is not difficult, and there are less regulations and red tape than at a large broker-dealer...continue to full post

Full post as published by SECLaw.com on October 27, 2010 (boomark / email).