Tuesday, January 05, 2010
More Brokers Flee Big Firms, Taking Investors With Them
The ranks of brokers at major Wall Street firms have been shrinking, along with those firms' share of the retail-investing market. At the same time, independent advisers are growing in number and market share.
The financial turmoil of the past 18 months is fueling the shift. Shaken by the collapse of some Wall Street firms and the tarnished reputations of others, more big-firm brokers are breaking away to manage money on their own, taking clients with them.
Eric Thurber and two associates, who oversaw $740 million at Morgan Stanley Smith Barney, set up their own business in August. Many clients followed them...
WSJ: More Brokers Flee Big Firms, Taking Investors With Them
The financial turmoil of the past 18 months is fueling the shift. Shaken by the collapse of some Wall Street firms and the tarnished reputations of others, more big-firm brokers are breaking away to manage money on their own, taking clients with them.
Eric Thurber and two associates, who oversaw $740 million at Morgan Stanley Smith Barney, set up their own business in August. Many clients followed them...
WSJ: More Brokers Flee Big Firms, Taking Investors With Them
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