Morgan Stanley Smith Barney plans to lay off 200 to 300 low producing financial advisors and advisor trainees.

The move would reduce the Morgan Stanley Smith Barney’s advisor head count to about 17,800 at the end of the first quarter, still within the firm’s target range of 17,500 to 18,500. The plans, first reported by Dow Jones, were confirmed by a source familiar with the situation.

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