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.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
