U.S. debt crisis
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.
A.M. Best Co. is becoming increasingly concerned with the escalating level of global economic uncertainty the past few months and is considering a rating revision, from stable to negative, for the U.S. Life/Annuity insurance sector. Much of the concern stems from continued economic weakness in European countries and the unresolved debt crisis in the United States, which have elevated the risk profile of life insurers, A.M. Best says.
