Every day this summer, MBA candidate Erica Swallow walked into the office of the Boston-based venture capital firm …
Morgan Stanley Smith Barney, Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas are the biggest brokerage firms in the U.S., and according to Reuters, they’re losing market share among wealthy clients.
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.
So obviously if the big boys don’t have this business, the question is who does?
The answer (from Reuters):
Boutique firms, trust companies, family offices and private-client businesses owned by rival investment banks are gaining those clients over the bigger brokerage houses…
Trusts companies and multi family offices also gained share. The fastest growers, however, were family offices and registered independent advisors. They increased their assets under management by 18% in 2010.
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