Regional broker/dealers have been ignored by the industry after their ranks were thinned by near-constant acquisition in the earlier part of this decade. Deals such as Merrill Lynch acquiring Advest, UBS acquiring McDonald Investments and Piper Jaffray, and Smith Barney absorbing Legg Mason's advisorforce shrunk this channel by more than 10% from 2004 to 2006. However, Regional broker/dealers reversed the attrition of advisors in 2009, replacing nearly all of the 4,000 lost advisors and increasing its headcount by more than 10% and its assets under management by 36%, the highest figures for any retail distribution channel. More  |