From Joe Giannone at Reuters:
The biggest U.S. brokerages have set their sights set on attracting the wealthiest Americans, but a new study concludes a growing number of multi-millionaire households are taking their money elsewhere.
The share of high net worth customers’ assets held by the top four brokers — Morgan Stanley Smith Barney, Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas — has fallen since the financial crisis and will continue to fall, research firm Cerulli Associates said in a report on Wednesday.
That market share, which peaked at 56 percent in 2007, fell to 45 percent last year and is expected to drop to 42 percent by 2014. The companies together had $2.1 trillion in assets from clients with at least $5 million to invest.
This will not be going back the other way. Think VCRs, Research In Motion, Compaq and Gateway, the American steel industry, etc.
Source:
Merrill, Morgan Stanley seen losing grip on rich (Reuters)
… [Trackback]
[…] There you can find 40127 more Info to that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Find More on that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Read More Information here to that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Info on that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Read More to that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Find More Info here to that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] There you will find 68557 additional Information to that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Find More here on that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Information on that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Find More Information here on that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]
… [Trackback]
[…] Information on that Topic: thereformedbroker.com/2012/04/01/45-and-falling/ […]