Wirehouses are losing their grasp on the much-sought-after, high-net worth-market, with their market share expected to slip from to 42% in 2014, from 45% in 2010, according to new data.
Cerulli Associates’ annual high-net-worth research predicts the biggest firms, which includes including Bank of America Merrill Lynch, Morgan Stanley Smith Barney, Wells Fargo and UBS, will continue to see their slice of the pie erode, down from a peak of 56% in 2007.
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