the worldI believe more and more investors are following in the footsteps of the very affluent who, in turn followed in the footsteps of institutional investors (pension funds).

A Rothstein Kass study in January 2009 and an Investor Watchdog study ( in December 2011 showed similar trends as investors moved assets away from Wall Street firms.

The Kass study tracked the movement of 100 very affluent investors. 40% moved their assets to Family Offices ($10 million minimum). 30% chose a bank trust department. 26% selected an independent advisor. 10% selected a Wall Street advisor. 9% chose to manage their own money.

The Investor Watchdog study showed 16.3% moved to Wall Street advisors and 3% for banks. The big difference in bank usage is attributable to the use of private client trust services by the ultra-wealthy.

The Wall Street franchise continues to erode.