Broken brokerage

Edgar Ortega at Bloomberg reports that wealthy clients of large brokerage firms are moving their business to smaller advisory firms:

Almost 90 percent of customers of major brokerages say they plan to withdraw at least some of their money, and 70 percent say they want to fire their brokers, according to a September survey by Prince & Associates Inc., which polled 351 people with more than $1 million of investable assets. In July, about 68 percent said they planned to take money out, and 38 percent had had enough of their current adviser.

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