In a recent case five Merrill Lynch brokers defected to Smith Barney and Merrill sued.
More often than not, a former employee of Merrill Lynch, Smith Barney, Morgan Stanley, JP Morgan, UBS, or any other number of large and small firms feels that they were sandbagged.
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Even stockbrokers--from Merrill Lynch, Salomon Smith Barney and A.G.
Brokerage firms like Merrill Lynch and Morgan Stanley Smith Barney tweak their compensation plans for their financial advisors about once a year.
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While traditionally most CFPs have worked outside of big firms, Smith Barney and Merrill Lynch (nyse: MER - news - people ) are now encouraging their own brokers to earn CFP credentials, too.
As with thousands of industry employees who had enjoyed stable employment with the likes of Bear Stearns, Lehman Brothers, Merrill Lynch, Wachovia, Smith Barney, once the rug is pulled out from under you, things that you had long lived with often prove troubling.
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Some of the major wire houses, including Merrill Lynch, Prudential and Salomon Smith Barney, also run supermarkets of a sort.
More often than not, a former employee of Merrill Lynch, Wells Fargo, Smith Barney, Morgan Stanley, JP Morgan, UBS, or any other number of large and small firms feels that they were sandbagged.
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The interesting part about recruiting in this area is that the four big firms (Morgan Stanley Smith Barney, Bank of America Merrill Lynch, UBS and Wells Fargo) spend obscene amounts of money to poach employees from one another.
In more recent years, as Merrill Lynch, Bear Stearns, Lehman Brothers, Smith Barney, JP Morgan, and UBS fell upon hard times, those enticements faded.
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Merrill Lynch, Wells Fargo, JP Morgan, Morgan Stanley Smith Barney, struggle with this dynamic just as Charles Schwab, LPL, as does the small storefront at the nearby strip mall.
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All told, Schwab spends 42% of its net revenues on compensation and benefits, compared with about 55% at Merrill's retail business, estimates Guy Moszkowski, a brokerage analyst at Salomon Smith Barney.
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