According to Boston-based Celent Communications, RIAs accounted for 9 percent of the $19.1 trillion in investable assets held by Americans in 2003. By 2007, Celent expects that market share to grow to 14 percent. The only other segment of the industry expected to gain market share during this period is independent broker/dealers.
Meanwhile, Schwab Institutional research shows the percentage of high-net-worth households naming an RIA as their primary advisor rose to 46 percent in 2004 from 30 percent in 2001. The growth came at the expense of the wirehouses.