Alois Pirker
Independent brokers growing faster than wirehousesPosted by RJ and Makay on Jul 28, 2011 |
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Wirehouses continue to have the largest percentage of client assets in the wealth management industry, though independent and online competitors are growing at a much faster rate and gaining market share, according to a recent Aite Group study. The four big brokerages have yet to recoup client assets to 2007 levels, the study found. Wirehouse market share of client assets decreased to 38% in 2010 from 41% at year-end 2007.
Saving for health care costs and saving for retirement do not have to be mutually exclusive decisions, according to a recent Fidelity Investments study. The study found that employees who invest in employer-sponsored Health Savings Account programs (HSA’s) tend to be bigger savers in their 401(k) retirement savings programs.
Almost half of all wirehouse brokers are drawing up plans to exit their firms in 2012, according to a March survey conducted by research firm Aite Group. 150 wirehouse advisors participated in the survey that measured brokers attitudes about leaving their firms. Of those, roughly one-fourth are serious about following through on exit strategies at Morgan Stanley Smith Barney, Merrill Lynch, Wells Fargo and UBS Wealth Management.
