Wire houses will continue to dominate the adviser industry for the foreseeable future, according to a report from Cerulli Associates.

Despite all the ballyhoo about the "breakaway brokers," and despite the tarnished brand names of the four wire houses, Bank of America/Merrill Lynch, Morgan Stanley Smith Barney, UBS and Wells Fargo still control 48% of adviser-managed assets in the United States, amounting to $3.9 trillion at the end of 2008, Cerulli said. Registered investment advisers ranked a distant second with 15% of the market, or $1.4 trillion.

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