CORRECTED - DEALTALK-U.S. brokerages may be in for more deals

(For more Reuters DEALTALKS, click [DEALTALK/]) (Corrects 18th paragraph to refer to independent advisers rather than independent brokers)

By Paritosh Bansal and Joseph A. Giannone

NEW YORK, Feb 17 (Reuters) - For shellshocked brokers at firms like Merrill Lynch & Co, UBS (UBSN.VX) (UBS.N) and A.G. Edwards, the roller coaster ride may be just beginning.

Merrill's thundering herd of roughly 15,500 brokers is suffering the indignity of working alongside traditionally less prestigious counterparts at new parent Bank of America Corp (BAC.N)

Wachovia Corp bought AG Edwards before the bank fell on hard times and succumbed to a fire sale to Wells Fargo & Co(WFC.N). And at UBS, brokers at the former PaineWebber have had to contend with speculation that their unit could be put up for sale.

Yet these firms, along with a broad swathe of smaller wealth managers, may face more upheaval, likely in the form of mergers, joint ventures or unit sales, experts said.

"It's possible that some of the units that were picked up through the major acquisitions will not ultimately fit," said Elizabeth Nesvold, managing partner of investment bank Silver Lane Advisors. "Invariably we will see dispositions."

For potential acquirers, wealth management businesses -- basically handling investments for individual investors -- are especially attractive as a steady source of revenue at a time when initial public offerings are rare, mergers are scarce and trading risk must be toned down.

But as the financial crisis persists, banks face the challenge of cutting costs, shielding their brokerage operations from the rest of their troubles and fighting the flight of financial advisers to rivals and networks of independent brokers.