By the Numbers

Consolidation and cost-cutting measures continue to have their effects on the brokerage industry. National broker/dealers, regional firms, independent b/ds and insurance b/ds all shed reps from 2003 to 2004, with only RIAs and banks showing an increase in advisor staffing. Still, full-service firms represent six of the top seven in terms of advisory forces. Top 10 Broker/Dealers, by Advisor Headcount

Consolidation and cost-cutting measures continue to have their effects on the brokerage industry. National broker/dealers, regional firms, independent b/ds and insurance b/ds all shed reps from 2003 to 2004, with only RIAs and banks showing an increase in advisor staffing. Still, full-service firms represent six of the top seven in terms of advisory forces.

Top 10 Broker/Dealers, by Advisor Headcount

1. Merrill Lynch 15,000
2. Wachovia 11,500
3. Smith Barney 11,411
4. Morgan Stanley 11,086
5. American Express Financial Advisors 10,545
6. Edward Jones 9,409
7. UBS 7,766
8. ING Network 7,534
9. AIG Sun/America 7,467
10. MetLife Securities 7,433
Source: Cerulli Associates, Nelson's, SIA. Data for 2004.
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