According to Cerulli Associates, wirehouses have been focusing on high-net-worth investors for quite some time—but not very successfully. In the last three years, wirehouses’ share of the HNW market has dropped by 11%, the research firm asserted in a recent publication. As Cerulli puts it, “Consumer distrust and dissatisfaction with these firms continues to linger.”

In recent years, the wirehouses have made a concerted effort to court the HNW market.

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