Disclosure of these financial statements may answer once and for all the question of just how significant is the brokerage activity of the leading pension consulting firms.

FORBES: Compelling Pension Consultant Disclosure (June 1, 2002 )

My backup is the home mortgage market activity as well as brokerage house earnings powered by cost-cutting.

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Still, several brokerage firms said their new contract activity was running ahead of the same period last year.

WSJ: Property Slips in Manhattan

Registered investment advisors (RIAs) are also seeing increased activity as many of the big brokerage firms lose their advisors to this channel.

FORBES: Merrill Lynch, Morgan Stanley, Wells Fargo Keep Losing Market Share, And They May Be OK With It