Independent broker-dealers and registered investment advisors are continuing to channel investing dollars into passive investment products, to the tune of more than $13 billion in net new ETF assets for the first quarter.

That's according to data from Broadridge Financial Solutions, Inc., which said that individual investors have also increased ETF holdings with another $3.7 billion of net new ETF assets coming from the discount brokerage channel during the first quarter. The wirehouse channel was the only retail channel with negative net new ETF flows during the first quarter, with a decrease of $13 billion.

Looking at ETF and long-term mutual fund net new assets by channel, said Broadridge, helps to better gauge asset velocity (movement of assets within a defined period) for third-party distributors.

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