Wirehouse Advisors Reject Separate Accounts

November 30, 2009

Wirehouse advisors are increasingly shunning separate account programs in which securities are directly held in favor of other types of managed accounts that use mutual funds, exchange-traded funds, annuities or other professionally managed securities because they find the latter gives them more flexibility to control their clients' assets, according to a new report from Cerulli Associates. The consulting firm found that separate account programs have shrunk at an annualized rate of over 16% over the last 2-1/2 years. Nearly every other type of managed account program grew over the same period. The securities are traded by a professional money manager.

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