Salient to Investors:
MetLife cut its adviser force by a third, eliminating 2,500 jobs as the company scales back variable annuity sales and turns to other nations for growth.
MetLife has 5,000 advisers who sell insurance and investment products, down from 7,500 in February of 2012.
Danny Sarch at Leitner Sarch Consultants said salespeople are having a harder time breaking into financial-services fields. Rules have limited cold-calling, and potential customers have become more likely to turn to advisers suggested by friends.
The largest banks are cutting back broker training.
Sean Dargan at Macquarie said there has not been an influx of younger advisers to replace the advisers who are going to retire.
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