Wirehouses have lost headcount and asset share even as the average assets under management per adviser in the channel has risen, according to a new report released Friday from Cerulli Associates.

“Wirehouse firms lost 8% asset market share during the past three years and we forecast them to experience a decline of 6,800 advisers during the next five years,” said Scott Smith, head of Cerulli’s intermediary practice. “In turn, we expect independent advisers to increase their headcount share by more than 3% during that timeframe, as [independent broker-dealer] and [registered investment adviser] channels assume the wirehouse losses."

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