Big securities firms may not inherit the earth after all. The dominance of wirehouses is slowly eroding, according to The Cerulli Edge, a research report from Cerulli Associates in Boston. Wirehouses share of industry revenue and sales of proprietary funds slipped slightly in the mid-90s, compared with the 80s. And regional broker/dealers are picking up the slack, Cerulli research shows. Indeed, the research organization concludes that distinctions between wirehouses and regionals are getting more difficult to make.
Share of revenues for the industrys top 10 firms slipped from 57% in 1985 to 51% in 1996. Other trends are highlighted in charts in the August 98 issue of RR, Page 46.