Fund managers warned that wirehouse outreach may not pay off
Consultancy says fund houses must pivot to independent advisers and new products to drive growth.
An influential consulting firm has warned money managers that wirehouses, long the chief target of their marketing outreach, will deliver a negligible share of new money into products like mutual funds.
McKinsey & Co. said Wednesday it expects wirehouses — four firms that control nearly a thi
Learn more about reprints and licensing for this article.