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Rating:Asset Managers, Turn to the Independents Not Rated 4.0 Email Routing List Email & Route  Print Print
Wednesday, September 23, 2009

Asset Managers, Turn to the Independents

Reported by Adam Kommel

Advisors are leaving wirehouses and heading for regional and independent brokerages, Cerulli Associates said in its Intermediary Markets 2009 quantitative update report. The consultants conclude that asset managers should thus give more time to distributing through independent channels, citing "the importance of the independent model in shaping the future of retail advice and the need for asset managers to adapt to the changes in the distribution landscape."

Based on current trends, the Boston-based financial services consulting firm forecast that in 2012 49.5 percent of advisors will work independently rather than as employee advisors, whereas only 42.6 percent did so in 2008. Cerulli defines independent channels as "IBD, RIA and dually registered."

Cerullli specified that high-end producers who leave wirehouses tend to move to regional firms, while mid- and lower-end producers have gone to independent broker-dealers.

Cerulli also estimated headcount changes among different asset management distribution roles, expecting significant increases in the ranks of internal wholesalers, key account managers and hybrid/e-wholesalers. The consultants said these hirings are a result of re-staffing after layoffs as well as a renewed focus on costs—internal and hybrid wholesalers cost less than external wholesalers.

See the report infopack here [pdf]

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