Not necessarily part of the financial backwaters anymore, America's regional broker-dealers are in growth mode, according to research from Cerulli Associates.
After years of being a ripe target for acquisition by the now-flailing major financial firms, smaller broker-dealers are turning into an attractive opportunity for advisors and asset managers.
Cerulli's new U.S. Asset Management study says that while the raw numbers represented by small broker-dealers dropped off during its study period (down from a high of 38,249 advisors in 2009 to 34,359 in 2010), it represents not only a three-year compound annual growth rate of 1.3 percent, but also remained very strong while the majors bled talent and resources at a massive pace.
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