We're in a mean season for brokerage firms. Many thought more retail asset management was just what the premier banks needed in their bid to develop steady streams of revenue to offset expected declines in other areas.

We'll get a spot check of sorts on the industry when Bank of America releases Merrill Lynch results and when Morgan Stanley Smith Barney releases results. Some think Morgan Stanley's deal for Smith Barney looms as a disappointment. A bit of forewarning came from Charles Schwab, which reported a near 25 percent drop in third-quarter trading revenue as clients withdrew from the market.

Much has been made of the retail withdrawal from the equity markets in the aftermath of the May 6 Flash Crash, which we have discussed a lot over at FierceFinanceIT. It's obviously not the sole cause of the reduced retail participation, but it is the job of brokerages to get people back into the markets in some form or fashion.

This is a unique marketing opportunity, and it will be interesting to see how these companies go about instilling trust and confidence in their customers. It will also be interesting to see how the recruitment wars are going.

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