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In the News

Top U.S. Securities Brokers Changing Jobs Less Often as Market Recovers

Posted by Mindy Diamond

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Mindy Diamond Quoted
By Elizabeth Dilts

NEW YORK, (Reuters) – After years of jumping from one firm to another, U.S. securities brokers are changing jobs less frequently and the largest brokerage firms say they are seeing their lowest attrition rates in years as financial markets strengthen.

Attrition rates are sharply lower at the nation’s four largest firms, known as wirehouses: Morgan Stanley, Bank of America Corp’s Merrill Lynch unit, Wells Fargo Advisors and UBS AG’s U.S. Wealth Management Americas, according to head counts recorded in the firms’ earnings reports and an analysis by Reuters.

The wirehouses lost almost 1,500 financial advisers total in 2012 and again in 2013, according to Aite Group, a research firm. Morgan Stanley and Merrill Lynch each lost approximately 5 percent of their net adviser force in 2012, the group reported.

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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