A Rothstein Kass study in January 2009 and an Investor Watchdog study (www.InvestorWatchdog.com) 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.