Big drop in retail broker-dealers since 2010: Cerulli
The tally is one more sign that there's increasingly little room in retail brokerage for small or midsize firms.
In yet another indication that broker-dealers are losing ground to registered investment advisers, the number of wealth management-focused or retail brokerage firms declined 28% over the decade ending last year, according to Cerulli Associates, with 923 such firms in 2020 compared to 1,284 in 2010.
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