As the total pool of investable assets expands, direct-to-consumer channels are seeing rapid growth. Total U.S. investable assets reached a record high $33.5 trillion at the end of 2013, up 11% from $29.2 trillion in 2012, according to a new report from Cerulli Associates.

Of the nation's investable assets, traditional advisory channels still hold the lion's share at $19.1 trillion compared to $4.6 trillion in direct-to-consumer channels. But when it comes to growth, direct channels far outpace the advisory channel with 14.1% compound annual growth over the last five years in direct channels compared to 9.5% for advisors. The Cerulli data breakdown does not include banking and other financial assets,

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