A sigh of relief came from the 17,291 global-wide financial advisors at Morgan Stanley last Friday when a spokeswoman from MS told OnWallStreet that advisors would not be included in the cuts planned for the first three months of 2012. (A Bloomberg story had broken the day before that 1,600 jobs would be eliminated.)
According to the spokesperson some other positions within the wealth management sector would be eliminated but they would not be advisors.
It was noted that MS financial advisors have average annualized revenue per rep of $747,000 and total client assets per rep of $90 million — so, who in their right mind would want to cut that?