The life of a stockbroker at one of the big wirehouses is not easy, especially if you are just starting out. Let's just say the whole idea of cold calling is not passé at every firm. But if you want to make it in the big leagues, you've got to find a way to produce. If you don't ...

Morgan Stanley Smith Barney is about to "cull," 200 to 300 poor performers, brokers and trainees. The move will bring its ranks of financial advisers and brokers down to about 17,800, compared with 18,043 at the end of the year, according to Reuters.

We may see it staff back up with prospects soon, as the firm wants to have between 17,500 and 18,500 brokers at a given time.

Newcomers to the brokerage business with less than 36 months at the firm are considered trainees, and this group, which does not immediately contribute much to earnings, will likely feel the brunt. Brokers who generate only $75,000 a year in fees and commissions will also feel the heat.

But at least the cuts will help keep average production high for the short-term. Morgan Stanley Smith Barney's average production rose to $742,000 at the end of 2010 from under $700,000 a year earlier.

This sort of thing happens frequently at brokerages. Usually, it does not attract a lot of media attention. For a lot of these folks, this is a good time to switch professions.

For more:
- here's the Reuters article

Related Articles:
Morgan Stanley Smith Barney to cut jobs, close offices
Smith Barney moniker to be phased out
Morgan Stanley: No buyers remorse over Smith Barney