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In 2019, many changes occurred in the U.S. wealth management industry across all four segments: wirehouses, self-clearing retail brokers, clearing and custody, and discount and online brokers. Both the self-clearing retail brokerages, and discount and online brokerages segments gained market share in 2019. Commission revenue continued to decline. Fee-based assets as a percentage of total U.S. client assets increased from 2018 to 2019. Further, despite the COVID-19 crisis, U.S. wealth management firms have performed well during the first three quarters of 2020. New Realities in Wealth Management: Growth Amplifies Prior to the Storm, a new Aite Group report, explores the changes in the U.S. wealth management industry that occurred in 2019.
“The COVID-19 pandemic is acting as a catalyst for change for the wealth management industry,” states Alois Pirker, research director at Aite Group. “The market sizing numbers presented in this report will serve as a pre-pandemic baseline,” he says.
This report—an addition to the New Realities in Wealth Management series—looks at changes that occurred in 2019, considers a historical view, sizes the market in various ways, and projects channel market share over the next four years. It leverages publicly available information and Aite Group estimates and analysis.
