For most RIAs, '09 proved dismal

Only five of the 50 biggest firms saw jump in discretionary assets last year

Stiff competition in the wealth management industry, combined with the effects of a volatile market, thwarted many of the nation's biggest RIA firms in their efforts to gather assets in 2009.

Of the 50 biggest registered investment advisory firms, only five had more discretionary assets on their books at the end of the year than they did at its outset, according to exclusive research conducted by RIA Database for InvestmentNews. That said, combined discretionary assets for the 50 biggest firms totaled $115.7 billion Dec. 31, up 14% from a year earlier...

Investment News: For most RIAs, '09 proved dismal