Wirehouses bleed $1.5T, indies gain ground

Wirehouses lost approximately $1.5 trillion worth of market share last year, according to a report from Cerulli Associates Inc. of Boston.
JUL 30, 2009
By  Bloomberg
Wirehouses lost approximately $1.5 trillion worth of market share last year, according to a report from Cerulli Associates Inc. of Boston. Wirehouses controlled 47.7% of adviser-managed assets in 2008, slipping slightly from the 48.5% of the market they controlled in 2007, according to the Cerulli report. That translated into a decline from $5.4 trillion in assets in 2007 a little more than $3.9 trillion at the end of last year. Market share for independent advisers, meanwhile, grew from 31.6% in 2007 to 32.8% last year. Adviser-managed assets totaled approximately $11.2 trillion in 2007 and about $8.3 trillion last year. “The shift towards independent advisers is very real,” said Bing Waldert, director of Cerulli. “Advisers are increasingly moving toward independent business models and clients are questioning the value of dealing with wirehouses given that they've been wrapped up in so many negative stories.” Mr. Waldert characterized the shift as a “slow erosion,” however he noted that “wirehouses remain an incredibly powerful distribution force.”

Latest News

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.

Carson Group's M&A head sees '10-to-15 year bull market' for RIAs
Carson Group's M&A head sees '10-to-15 year bull market' for RIAs

“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.

Nationwide finds Medicare myth on long-term care could cost Americans dearly
Nationwide finds Medicare myth on long-term care could cost Americans dearly

As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.

Fintech bytes: Orion, Altruist unveil new RIA-focused integrations
Fintech bytes: Orion, Altruist unveil new RIA-focused integrations

Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.

Raymond James reels in advisors managing $1B+ in Colorado
Raymond James reels in advisors managing $1B+ in Colorado

The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave