The number of financial advisers operating in the United States has fallen dramatically in the last few years and is likely to decline further as direct-to-consumer (D2C) propositions attract investors, a study suggests.
According to data collated by Cerulli Associates, the total number of advisers fell to from 323,566 in 2010 to 316,109 last year. Compared with 2004, the first year that Cerulli began keeping track, head count is down almost 7%, while, at the current pace, the number of advisers is set to drop to below 300,000 by 2016. Cerulli senior analyst Tyler Cloherty said assets are consolidating among a fewer number of advisers as the D2C market grows. "You're seeing lower producers getting bumped out as middle-market clients increasingly choose direct consumer providers," Cloherty said. ...
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