The current government debt crisis in the United States adds another layer of fear for retail investors, a new report revealed.
Aite Group explored recent changes in market share, client assets and advisor headcount across wirehouses, fully disclosed broker/dealers, independent registered investment advisors and online brokerage firms at both firm and industry segment levels in its report, "New Realities in Wealth Management: Ready for the Sea Change and New Realities in Wealth Management: Has the Dust Settled?"
The wealth management industry in the United States had high hopes pinned on 2010, Aite said. While the year started out as expected, with a stock market recovery on track, the May 6, 2010 flash crash caused the Dow Jones Industrial Average to plunge by about 900 points, shaking the confidence of retail investors and depressing both trading volumes and revenue at wealth management firms through 2010, according to the report's authors.
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