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In the News

Wirehouses Face Further Market Share Decline: Report

Posted by Louis Diamond

FUNDfire

Louis Diamond Quoted

Wirehouses will fail to retain market share in coming years as independent registered investment advisors (RIAs) charge ahead, according to a new report from Aite Group. The research consultant projects that wirehouses will represent just 31.1% of wealth assets by 2018, compared with 41.3% in 2007.

While the four big wirehouses still represent the largest portion of wealth management industry assets, the channel’s market share declined 1.3% in 2014, according to the Aite Group report. This is part of a longstanding trend, as the channel’s share of industry assets has continued to slip.

Louis Diamond, v.p. of Diamond Consultants, a financial advisor recruiting and consulting firm, also predicts the trend will continue.

“I think it’s really a perfect storm,” Diamond says. “There’s a population of disenfranchised wirehouse advisors that really value freedom, flexibility and control.”

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About Louis Diamond

President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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