For Young Stockbrokers,It's the Hard-Knock Life

摘要

The brokerage business is getting tougher on Wall Street. Declining fees make small accounts less profitable, and the government's "do not call" list hampers phone sales. Brokers are leaving big firms to join or start smaller money management businesses, known as registered investment advisers, that charge fees and don't take commissions on trades. Competition from discounters such as Charles Schwab has eaten into the market share of the four biggest brokers-Merrill Lynch, Morgan Stanley, Wells Fargo, and UBS.