RIAs Double the Growth of Full-service Brokerages
By Hal M. Bundrick
NEW YORK ( MainStreet)--Independent registered investment advisors (RIAs) are lapping their wealth management competition, growing at a rate more than double traditional wirehouse firms, according to a new report from Aite Group.
But the full-service brokerages are far from feeble, experiencing strong asset growth themselves and back to even at last - seeing the recovery of assets under management back to the pre-crisis levels of 2007, thanks to the market mending efforts of the U.S. Federal Reserve.
More than five years after the beginning of the financial crisis, the four largest wealth management firms by assets were finally able to pass their peak of pre-crisis money under management as first-quarter 2013 saw a solid performance for the wirehouse segment. Combined net new money flows for the period totaled $47 billion, close to half of aggregate net new money flows for all of 2012.
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