Full-service brokerage firms are losing their edge as increasingly self-reliant consumers take their business to banks and self-directed investment platforms, according to a new survey from Hearts & Wallets, a retirement and savings research firm.
Banks have been the biggest winners, the study found. Almost one in two consumers (47%) say they keep the majority of their assets with banks, up from 44% in 2011. Self-directed firms and full-service brokers, in contrast, had only 28% and 15% of the market, respectively.
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