The number of financial professionals working under the registered investment advisor model grew 8 percent per year from 2004 to 2012, while all other channels lost practitioners, according to a study by Cerulli Associates.

For the years examined, the total number of advisors fell 1.2 percent, the Boston-based research firm said.

The largest drop was at wirehouses, where the number of advisors dropped by 2.5 percent annually. The number of advisors at bank broker-dealers fell by 1.9 percent a year. Other broker-dealers – regional, insurance and independents – saw their ranks thin by 1.2 percent to 1.4 percent each year.

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