Large investments in technology and a focus on more affluent investors have made wirehouse advisers 124% more productive than the average financial adviser, according to a new report from Cerulli Associates.
The channel experienced an 18.8% year-over-year increase in the productivity rate of its advisers, which grew from $147 million per adviser at year-end 2018 to $175 million per adviser at year-end 2019, Cerulli said in a release.
“This growth suggests that the change in tack being made to focus on more affluent investors and to drive organic growth among their adviser forces is beginning to pay off,” the Boston-based research firm said, noting that technology is an area where wirehouses are leveraging the advantage of their scale with positive effect.
Cerulli said it expects the advantages for wirehouses will diminish over time as the registered investment adviser channel continues to mature and more third-party providers emerge to support RIAs in these areas.
It also said that wirehouses could improve their compensation programs, which it said advisers find complicated, and invest in staff so that advisers could focus less on the operational aspects of their practice and more on business development and relationship management.
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