State of the Super Firms
On Wall Street, June, 2007 by Elizabeth Wine
It's never been better for Wall Street's retail brokerages, as rising stock markets have inflated assets under management, and investors have continued to turn to brokers for advice. Add the powerful demographic trend of baby boomers scrambling to prepare for retirement, plus the ongoing growth of wealth in the United States, and you have a recipe for continued success.
"The retail system for selling financial products in the U.S. is thriving," says Richard X. Bove, a financial institutions analyst at Punk, Ziegel & Co. The wirehouses are "almost uniformly attempting to expand their sales forces because they have found this distribution channel works effectively for them."
Compensation watchers note that brokers who are rainmakers with large, wealthy clientele...
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