Full-service brokers made something of a comeback in the past year, but it remains to be seen whether they truly have ended the erosion of their market share as primary advisers to the affluent.

Research that our firm, Spectrem Group of Chicago, has done shows that 31% of affluent investors used full-service brokers as their primary advisers last year, a substantial increase from 24% in 2004. This is a significant improvement for full-service brokers, who saw their market share of the affluent market cut nearly in half from 2002 to 2004.

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