Wirehouses' managed account market share, currently 56% of total fee-based assets, will likely sink to 50% by 2014, a Cerulli report predicts, knocked down by competition from an increased focus on fee business by banks and regionals.
It's not that wirehouses won't continue to capture assets and grow, says Patrick Newcomb, an analyst at Cerulli, but banks such as JPMorgan Chase and regionals such as Edward Jones are starting to gobble up market share as they build out their fee-based platforms. For example, Edward Jones launched a mutual fund advisory program in 2008 that had already built assets of $44 billion as of the third quarter of 2010.
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