In a publication, that competes with the sponsor of these boards, was an article that listed recent B/D changes by brokers. The number of brokers going to Wachovia became almost monotonous. I counted 17 brokers who manage over 1.3 billion in assets.
Of course, that doesn't mean all the assets will move. But still, it's fairly impressive.
I didn't see any brokers moving to ML. There were a few large producing brokers moving to Morgan Stanley.
Keep in mind, that Morgan Stanley and Wachovia are actively recruiting brokers, so their reporting of these changes only helps their cause. ML may simply choose not to report their broker acquisitions.
Some firms aren’t releasing specifics on that. If you look at the past 12-14 months, Wachovia is flat on number of producers from year-end 2004 through 2005. However, they are bringing on more million-dollar producers than anyone else. Their payout is more competitve than the other wires and when you do that much in production, you are more or less left alone.