The 4 leading wirehouse firms are a significant part of most asset managers' distribution strategies, according to a new report from Cerulli Associates, Boston.
Cerulli finds the top wirehouses–Merrill Lynch/Bank of America, Morgan Stanley Smith Barney, Wells Fargo/Wachovia and UBS–control nearly half of all advisor-managed assets. The firms together control about $3 trillion, or 80% of wirehouse assets.