financial planner
Wirehouses expected to lose more market sharePosted by RJ and Makay on Jan 20, 2012 |
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Wirehouses have been losing market share since the financial crisis, and according to a new report from Cerulli Associates, the trend may accelerate over the next three years. The entire financial advisory industry stood at less than $11 trillion in 2007. Assets reached 11.2 trillion in 2010. That same time frame saw assets at wirehouses dropping from $5.5 trillion to $4.8 trillion, Cerulli reported.
The CFP Board has found that financial advisor bankruptcies are on the rise. In 1,472 disciplinary cases that the board initiated last year, an estimated 25% of planners under investigation had filed for bankruptcy. In 2011, the frequency of advisor bankruptcies has risen to about one-third of those under investigation.
A survey of 1,000 middle class Americans by First Command Financial Services has identified ten traits people look for in a financial planner. The top two, selected by about three-quarters of respondents in both cases, were “knowledgeable” and “trustworthy.” Seventy percent said their planner had to be "honest," making that number three on the list.
