The number of financial advisers in the US - including wealth managers, IFAs and bank and insurer tied advisers - is declining rapidly just as demand for their services increases, according to new data.
The ranks of brokers and investment advisers working at brokerages, banks and independent firms among others fell by almost 14,000, or 4.1%, in 2010, according to a Cerulli Associates report which tracks the movement of people and assets among US businesses. Despite the overall decline, the Cerulli report suggests the four largest brokerages - Morgan Stanley Smith Barney, Bank of America's Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas - are losing advisers and clients to independent broker-dealers and investment advisers. Industry-wide, the adviser population ...
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