Wirehouses have lost headcount and asset share even as the average assets under management per advisor in the channel has risen, according to a new report released Friday from Cerulli Associates.
“Wirehouse firms lost 8% asset market share during the past three years and we forecast them to experience a decline of 6,800 advisors during the next five years,” said Scott Smith, head of Cerulli’s intermediary practice, in a press release from the Boston-based research firm. “In turn, we expect independent advisors to increase their headcount share by more than 3% during that time frame, as [independent broker-dealer] and [registered investment adviser] channels assume the wirehouse losses,” Smith said in the statement.
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