Is the sale by Ameriprise Financial of its Securities America advisory services unit to Ladenburg Thalmann a harbinger of yet another wave -- or wavelet -- of consolidation in the asset management industry?
Certainly back in 2009-2010, in the wake of the major crash in markets and the dramatic pullback of shell-shocked investors into safe havens like bank accounts, there was a wave of consolidations of all sizes and a significant decline in the overall number of financial advisors. Now, reports are showing that investors are again pulling their money out of not just equities but also fixed income and hybrid funds and putting their assets into money market funds, the types of investments that hardly require the assistant of an advisor.
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