Despite their shrinking number of advisers, wirehouses are more productive than other channels, averaging $198 million in assets under management per adviser compared with $88.1 million across all the industry, according to a report by Boston-based researcher Cerulli.
Wirehouse AUM per rep increased 14.4% year-over-year, the study found. But as the wirehouses prioritize productivity, other advisory channels are capturing market share, Cerulli said.
“The wirehouse channel, which has lost 6.2 percentage points in asset market share since 2010, is projected to cede an additional 6.5 percentage points of total asset market share by year-end 2025,” Cerulli said.
It projects that by 2025, 30.6% of the industry’s assets will be managed by advisers in the independent and hybrid registered investment adviser channels. The national/regional broker-dealer channel (at 15.2%) is already overtaking the wirehouse channel (at 14.9%) in head count market share, Cerulli said.
“Wirehouses are playing to their strength and providing advisers with the tools they need to capture and grow wealth,” Marina Shtyrkov, an associate director at the firm and author of the report, U.S. Advisor Metrics 2021: Client Acquisition in the Digital Age, said in a statement.
Executives from LPL Financial, Cresset Partners hired for key roles.
Geopolitical tension has been managed well by the markets.
December cut is still a possiblity.
Canada, China among nations to react to president-elect's comments.
For several years, Leech allegedly favored some clients in trade allocations, at the cost of others, amounting to $600 million, according to the Department of Justice.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
