Financial research firm Cerulli Associates issued a “fairly dire” projection for the share of assets wirehouse firms will have come 2013, even as those same firms are expected to remain the largest distribution channel.

Cerulli’s report shows that while the financial advisory industry has continued to grow, wirehouse assets have declined. In 2010, the overall industry grew to $11.2 trillion from less than $11 trillion in 2007. During that same time period, assets at the wirehouse firms dropped from $5.5 trillion to $4.8 trillion.

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