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The traditional wirehouse model of US brokerage and advisory is facing a time of profound change. Its adviser workforce is increasingly expensive and approaching retirement. The advisers themselves are dissatisfied with cumbersome legacy technology platforms, complicated pay structures and the lack of open architecture.
As a result, many are leaving and taking clients with them. According to research firm Cerulli Associates, the number of wirehouse advisers is projected to shrink from approximately 48,000 last year to 41,000 by 2017.
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