The wealth management industry is poised to become more concentrated and consolidated, according to industry predication's by Mark Hurley, chairman and CEO of the Fiduciary Network -- a viewpoint that's at odds with some advisors.
Within a decade, only about 150 large, profitable wealth management firms will dominate wealth management, according to a new forecast co-authored by Hurley. "The ultimate shape of this industry a decade from now is one in which 150 or so extremely profitable, large firms will manage the vast preponderance of assets," according to the firm's report, Brave New World of Wealth Management. "The industrys remaining 19,000 participants...will remain in business indefinitely [but] be marginally profitable and have little enterprise value."
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