Retail investors trust big advisory firms less than they did four years ago and are questioning the value of the advice they receive, according to a retail investor report from Cerulli Associates, based on a survey it conducted with retail investors.

The report divides the $22.4 trillion in retail owned assets into three groups: advisor intermediated, with $13.9 trillion, direct to investor, with $4.2 trillion and other intermediated channels with $4.3 trillion.

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