Wirehouses Scramble as Advice Goes Independent

August 3, 2009

Financial advisers have been going independent or switching wirehouses in record numbers since the economic crisis began at the end of 2007, and brokerages are scrambling for ways to get them and their loyal clients to come back. Large wirehouse firms lost 2.1% of the total market share in 2008, or almost $225 billion in client assets, according to a new study by Aite Group, titled 'New Realities in Wealth Management: Ready for the Sea Change?'

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