Retail investors trust big advisory firms less than they did four years ago and are questioning the value of the advice they receive, according to a report from Cerulli Associates, based on multiple surveys it conducted with 7,000 retail investors from June 2011 to July 2012.

The report, which covers $22.4 trillion in retail owned assets and splits that universe into three groups: advisor intermediated, with $13.9 trillion, direct to investor, with $4.2 trillion and other intermediated channels with $4.3 trillion.

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