Bank advisors should consider themselves lucky. They work in one of the two areas of the banking business that is expected to grow over the next several years. By 2014, U.S. retail banks should see revenue from their wealth management units hit more than $80 billion, up from approximately $65 billion in 2009, according to consulting firm Booz & Co.
Unfortunately, banks haven't exploited the opportunity too well. From 2009 to 2010, banks and insurance broker-dealers saw their assets under management shrink to $600 billion, less than 5% of the overall $14.5 trillion wealth management market.
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