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Wirehouse firms have long been considered the most powerful distribution outlets for the full range of offerings from asset managers. The four firms that comprise this group, Merrill Lynch, Morgan Stanley, Wells Fargo and UBS, collectively account for 49,000 advisors or 22 percent of current producers, according to Broadridge’s proprietary database of more than 220,000 financial advisors.
Passive funds currently account for a growing 34 percent share of Wirehouses’ total $1.96 trillion in Mutual Fund and Exchange Traded Funds, the dichotomy reflected by positive flows into passive (and outflows from active) reflects key trends that will continue to shape the distribution landscape.