The asset management industry saw the ground shift under its feet during the recent financial crisis, but there are still plenty of signs of resiliency, according to a new benchmarking study from consulting firm McKinsey & Co.

First, some tough realities. Average industry operating margins ended the year at 22%, plunging one-third from its high of 33% in 2007. As a group, asset managers will also come under pricing and competitive pressures from leading financial advisory firms—like Charles Schwab [SCHW], Fidelity Investments, Morgan Stanley Smith Barney [MS], Bank of America/Merrill Lynch [BAC], and Wells Fargo [WFC]—which collectively controlled roughly 55% of U.S. household assets in 2009, up from 40% five years ago.

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