Wirehouses will continue to dominate the advisor industry for the foreseeable future, according to new research from Cerulli Associates.
Despite the tarnished brand names of the four wirehouses—and despite all the ballyhoo about the “breakaway brokers," Bank of America/Merrill Lynch [BAC], Morgan Stanley Smith Barney [MS], UBS [UBS] and Wells Fargo [WFC] still control 48% of advisor-managed assets in the United States, amounting to $3.9 trillion at the end of 2008, according to Cerulli.
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