Many of these advisors will be leaving Morgan Stanley owing money on either promissory note agreements or trainee agreements, and the firm will likely pursue FINRA arbitration claims against these advisers to recoup any funds loaned. Morgan Stanley hired on 2000 trainees last year, and ended 2010 with an total adviser force of just over 18,100. That compares with the average Bank of America Merrill Lynch adviser production of $854,000 last year. 31, 2010, according to the firm’s fourth quarter earnings supplement. Average revenue per adviser stood at $742,000 on Dec. The departure of weaker producers will improve the overall productivity of the Morgan Stanley Smith Barney adviser force. The guidelines are not hard and fast, according to the source, with those advisers and trainees showing potential given extra consideration. The source also confirmed that the general guidelines for the lay-offs are the following: trainees at the firm for between 6 to 36 months with less than $25,000 in annual production, and advisers with five years experience in the industry and at least one year at the firm with annual production of less than $75,000. According to the Investment News, Morgan Stanley Smith Barney, the largest brokerage in the United States, will lay off between 200 to 300 adviser trainees and low volume producers in the firm’s advisory force by the end of the month.Īnother source from Morgan Stanley confirmed the story, but added that the culling of weaker producers and trainees has been going on since the beginning of the year.
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