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Freemon said he quit in March after realizing he would have to spend five years struggling to meet sales goals before he could focus on helping clients make financial plans. That's leaving big firms struggling to replace a retiring generation of advisers who helped accumulate trillions of dollars of assets and generated steady profits for years. WHAT TO READ How investment advice firms rate with their own reps Stockbrokers have for decades helped manage Americans' money, earning commissions when they sold securities, mutual funds and other products to individual investors.

WFC and UBS AG UBSN -- have seen their market share drop to 42 percent from 49 percent in amid competition from discount brokers and independent advisers, according to Sean Daly, an analyst at Boston-based research firm Cerulli Associates. The shift to discount brokerages is happening as individual investors return to the stock market. That's more than twice the 6 percent increase for Bank of America Corp.

BAC 's wealth-management unit. Brokers also are leaving the biggest firms to join or start smaller money-management businesses, known as registered investment advisers, that don't take commissions.

From to , the ranks of investment advisers increased 7 percent while the number of brokers fell 9 percent, according Aite Group LLC, a financial-research company based in Boston.

Average Age Brokerages have cut back on training costs since the financial crisis to boost profits, helping increase the average age of advisers at the biggest firms last year to 53, up from 48 in , Daly said. To maintain their ranks, they're paying millions of dollars in bonuses to lure experienced advisers, said Howard Diamond, a recruiter in Chester, New Jersey. Morgan Stanley MS , which has 16, brokers, more than any other firm, last year reduced its trainee class to 1, from 2, to cut costs, Chief Financial Officer Ruth Porat said on a conference call in July.

Christine Jockle, a spokeswoman for the firm, said the smaller training program is still sufficient to replace advisers who leave. Weill, Icahn Bank of America plans to hire at least 1, trainees this year at its Merrill Lynch brokerage unit, which has the second-most advisers, down from 2, in , according to Susan McCabe, a spokeswoman for the Charlotte, North Carolina-based bank.

She said the fluctuation was normal and declined to say how big the training program was previously. Selling stocks to individual investors has long been a way into Wall Street for young men with little experience. Chief Executive Officer Sanford I. A former colleague who asked not to be identified because he still works in the industry said he knew Icahn would be successful when the colleague was trying to pick up a woman at a dance at a Catskills resort and saw Icahn sign up her father as a client.

Icahn and Weill didn't respond to messages seeking comment. Everything now is done electronically.

The list has grown to The Swiss bank this year will place almost half of its trainees into salaried positions helping established brokers rather than starting them as commissioned salesmen, he said. Wall Street's training cutbacks have left Edward Jones, a year-old St. Louis-based firm with more than 12, advisers, as a bigger employer of would-be brokers than Morgan Stanley and Merrill Lynch MER combined. It hired 2, trainees last year and plans to add a similar number this year, according to Steve Kuehl, a partner who helps run the program.

The core is face-to-face.

They review tapes of themselves with coaches to improve their technique, he said. John Boul, a spokesman for the company, said the case was based on a single complaint and that the firm denied the allegations. Old-fashioned salesmanship has been working well for Edward Jones.

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Net revenue for Jones Financial Cos. The training program has allowed Edward Jones to keep its sales force about the same size even as more than 10 percent of its brokers have left each year since , the filings show. Hiring brokers away from competitors isn't a sustainable strategy for replacing those who retire, according to Bob Patrick, 51, director of education and development at Raymond James Financial Inc.

RJF The company, based in St.

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Petersburg, Florida, has extended its person training program to two years from four weeks to increase its success rate, he said. View comments Please enable JavaScript to view the comments powered by Disqus. Use InvestmentNews' B-D Data Center to find exclusive information and intelligence about the independent broker-dealer industry. Rank Broker-dealers by Account assets Revenue No. Much has changed - and much remains to be learned.

Brokerages 'extincting' themselves with recruiting wars, treatment of new hires

Attend and discuss how the future is full of opportunity for If you have a client who has an IRA that is subject to required minimum distributions and they're donating to charity, they should be using qualified charitable distributions, according to Ed Slott, founder of Ed Slott's Elite IRA Advisor Group. Some question whether brokers will drop the CFP mark or if the CFP Board will strictly enforce its new standard.

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CFP Board revises its standards and aims to beef up fiduciary requirements of certificants. Introducing 40 young leaders in financial advice. Learn how their passions are driving their success and fueling the future of the industry at large. With regulations and other factors changing the marketplace, the publicly traded REIT will focus on its core business in the net lease market.

The measure, effective July 1, requires advisers to disclose any "profit or commission" they receive and make a "diligent inquiry" about a client's financial condition and goals. Register to access our archive of leading investment information and data. Use of editorial content without permission is strictly prohibited. Liz Skinner John Waggoner. May 14, 7: Breaking into the brokerage business is getting tougher as declining fees make small accounts less profitable and government restrictions on unsolicited calls make phone sales taboo.

B-D Data Center Use InvestmentNews' B-D Data Center to find exclusive information and intelligence about the independent broker-dealer industry.

Upcoming Event Apr Channels INTV Events Practice Makeover Smarter in 60 Seconds Secrets Behind Success Gadget Girl The Secret Life of CFPs, including brokers, may have to adhere to a stricter fiduciary duty CFP Board revises its standards and aims to beef up fiduciary requirements of certificants. Meet our new 40 Under 40s Introducing 40 young leaders in financial advice. Carey exiting the nontraded REIT business With regulations and other factors changing the marketplace, the publicly traded REIT will focus on its core business in the net lease market.

New Nevada law imposes fiduciary duty on brokers The measure, effective July 1, requires advisers to disclose any "profit or commission" they receive and make a "diligent inquiry" about a client's financial condition and goals. Subscribe to Print Newsletter Sign-up Register.

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