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.
USAA topped the latest J.D. Power & Associates 2011 U.S. Self-Directed Investor Satisfaction Study, while Merrill Edge, the consumer brokerage unit of Bank of America, came in last. The survey study measured six factors of self-directed investor satisfaction: 1) Interaction; 2) Account information; 3) Trading charges and fees; 4) Account offerings; 5) Information resources; and 6) Problem resolution.
