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Battle Royal: Can Brokerages Win the Battle for the Ultra High-Net-Worth?

By Morgan, Jerry
Publication: On Wall Street
Date: Wednesday, September 1 2004

Even as they move upstream and concentrate their efforts on ultra-high-net- worth customers, wirehouses are facing stiff competition in the rarified world of wealth management. In the battle for the $5-million-and-up investor, several recent studies - from Cerulli Associates, Spectrem Group and Phoenix Investments - show a "migration away from [the] full-service broker as primary advisor," as the Phoenix wealth survey puts it.

The question is, why? The answers are complex. There are more options available from more suppliers. Many clients feel let down by the 2000-2003

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