铁路房努力保留其在高净值市场的份额

With their share of the high-net-worth-market expected to drop down to 42% in 2014 from the 56% peak it reached five years ago, wirehouses are looking to regain their grip. According to Cerulli Associates,美国银行美林（BAC）, Wells Fargo (WFC),摩根士丹利·史密斯·巴尼（MS）， 和瑞银(UBS） - 基本上是最大的金融公司 - 将看到他们的高净值市场中的一部分继续变得越来越小。同时，由于私人客户群现在可以被称为最大的高净值服务提供商，因此他们可以期望他们的持有人会继续下去，因为他们可能会在两年内积累约2.8万亿美元的高净值资产，这是49％的市场份额。

The Cerulli report says that the wirehouses’ reduced share of the market can be attributed to a number of factors, including the fact that high-net-worth investors are allocating their wealth to several advisors at a time. Also, during the economic crisis of 2008, many investors transferred some assets out of the wirehouses. There were also the wirehouse advisers that chose to go independent or enter another channel. In many cases, these advisors’ clients ended up going with them.

私人客户群体是从远离电线房的转变中受益的人群。这样做的主要原因是，对于想要变革和寻求较低风险的投资者的顾问而言，他们被认为更安全。

Also, per the report, there has been healthy growth in the independent advisor industry. The registered investment advisor/multi-family offices grew their assets under management by 18% two years ago. Meantime, during this same time period, wirehouses assets only grew by 2%.

In other wirehouse-related news, beginning summer, ERISA Section 408(b)(2) ‘s new point-of-sale fee disclosure rules will make it harder for these firms to up the fees they charge investors. According to AdvisorOne, as a result, these firms are raising the fees that they charge mutual fund companies instead.

线索和mutual fund companies usually have a revenue sharing agreement. In exchange for investing their clients’ money in a mutual fund, a wirehouse charges the mutual fund company a fee (this is usually a percentage of every dollar that the client invests). However, in the wake of the upcoming disclosure changes, financial firms have started raising that fee.

例如，根据《华尔街日报》（Wall Street Journal）的报道，在年初，瑞银（UBS）将共同基金现在必须支付的利率翻了一番。这家金融公司正在为客户投资共同基金的每笔10,000美元的新$ 10,000寻求15美元。向前迈进，每年将达到20美元。摩根士丹利（Morgan Stanley）的新提高利率为每年16美元。它过去收取13美元的股票资金和10美元的债券资金。

线索are saying that since its the brokerage firms and not the individual financial adviser who gets the separate payment streams, the rate won’t impact the judgment of an adviser when it comes to selecting funds. Such fees paid by mutual funds can impact a financial firm’s bottom line. For example, last year, almost a third of Edward Jones’s $481.8 million in profits came from mutual fund company fees.

线索Battle to Keep Market Share, On Wall Street, March 28, 2012

FINRA Bars Registered Representatives Accused of Securities Misconduct and Negligence, Stockbroker Fraud Blog, April 5, 2012

Contact ourstockbroker fraud lawyersatShepherd Smith Edwards and Kantas, LTD, LLPtoday.