Registered investment advisers are leading the wealth-management market, and independent advisers continue to gain market share, a report from Cerulli Associates and Aite Group says. The report also sounded a cautiously optimistic note about the industry's overall recovery. "Though 2012 ended on a positive note for wealth management, with firms regaining speed in the form of net new money inflows, the U.S. wealth management industry is not out of the woods yet," the report says.

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