Written by Ceci Rodgers
(Editor’s note: This article is part of The Coming Job Boom, a BNET series about business trends that are shaping tomorrow’s careers.) The business of managing other people’s money has taken a beating since the implosion of Lehman Brothers and near death of other Wall Street institutions. Many gun-shy investors have pulled their savings from the big firms, which are battling to keep their wealthiest customers. As a group, the major firms lost an estimated $189 billion in assets in 2009, according to research firm Cerulli Associates — a trend that’s expected to continue. Independent financial advisers: Headcount through 2012: + 6.8% Asset growth for independent firms in 2009: + $50 billion Institutional financial advisers: Headcount through 2012: - 4% Asset decline for Wall Street firms in 2009: - $189 billion (Source: Estimates from Cerulli Associates)
Read more here: http://www.bnet.com/article/financial-planning-baby-boomers-need-money-advice-and-they-dont-want-it-from-wall-street/406763
