Wirehouses are projected to lose $188 billion in client assets this year due to adviser migration, according to a new report from Cerulli Associates. And those losses are expected to continue over the longer term as well.

The channel's market share of assets under management will decline to 40.7% by 2012, down from 47% as of year-end 2008, according to the report. Wirehouses will still dominate the market, but the downward trend will continue as more advisers seek out the independent channel.

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