Summary: After 40 years with Merrill Lynch, Mr. Rij was joining the legions of advisers who have broken away from the big Wall Street brokerages to join an independent firm or create their own. The trend, which began years ago but gained momentum after the 2008 financial crisis, is slowly reshaping the industry and eroding what had been a dominant position for so-called wirehouse firms like Merrill Lynch.
 The ranks of independent investment advisers have swelled to 47,000 from 36,000 in 2007, according to industry-research firm Cerulli Associates, and may hit 51,000 by 2017. The number of wirehouse advisers, now at about 48,000, is projected to shrink to 41,000 by 2017."
Cerulli Associates, industry-research firm.
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