The costs of being an asset manager on a wirehouse platform have also increased five-fold from $50,000 to $250,000. A recent Cerulli Associates report says these are two big mistakes wirehouses are making. That could spell opportunity for independent RIAs wishing to offer these clients what they need. In the same report, 74% of clients said they were happy with other full-service broker-dealers; only 58% of wirehouse clients expressed satisfaction. The wirehouse hold on larger assets has also been slipping with market share of 45% at the close of 2011 compared to 56% in 2008.

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