MSSB Trims More AdvisorsPosted by in Blog on August 11, 2011
Morgan Stanley Smith Barney’s financial advisor headcount shrunk to 17,638 as of June 30. The MSSB advisor headcount was 17,800 at the end of March.
Despite the headcount loss, the average advisor productivity increased. The average advisor production was $ 785,000 in the second quarter which increased 2 % over the first quarter.
In comparison, Merrill Lynch’s 16,241 advisors average production was $ 894,000.
Morgan Stanley CFO Ruth Porat recently said the advisor headcount could fall below 17,500 as the brokerage focuses on removing lower performers. Such a move, says Porat,” is good for clients and that’s good for our business,” according to a Reuters article.