“FAs are feeling pressure right now — from clients who believe that we're going to hell in a handbasket and others who want to dance in the streets,” says a Wells Fargo executive.
Backend Benchmarking says established providers are increasingly rolling out robos with the hope of attracting clients who would then require additional hands-on services.
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The regulator found that many examined firms had deficiencies when it came to the advisor operations and portfolio management at branch offices, among other issues.
The retail client channel’s share has inched up 5.2% since 2009 but still lags behind institutional client channels, which make up more than half of professionally managed assets.