Financial advisors who specialize in a certain area manage nearly double the industry average of assets per advisor, according to research from Cerulli Associates, a Boston-based analytics firm.

Specialist advisors accounted for 29 percent of overall advisor assets as of the end of June, Cerulli said.

"The vast majority of financial advisors are generalists," said Scott Smith, director at Cerulli. "We estimate that only 15 percent of advisors tailor their business to a unique clientele, such as institutions, retirement plans or high-net-worth investors."

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