There has been plenty of industry buzz over the past few years around the breakaway advisor movement, a long-term industry trend that is likely to continue. However, little attention has been paid to an equally powerful industry trend: the breakaway client movement.
According to Cerulli Associates, more than $1 trillion in high-net-worth client assets left the wirehouses between 2007 and 2010. The wirehouses’ share of the high-net-worth market, clients with more than $5 million in investable assets, fell from 56% in 2007 to 45% at the end of 2010. Meanwhile large portions of these assets have found their way to more independent coverage models with registered investment advisors and independent registered representatives.
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