December 18, 2025, Needham, MA – FUSE Research Network released new findings that show all three main wholesaling roles selling to financial advisors saw declines in average headcount in 2025 from the 2020-2024 period. The “average” asset manager now has a total of 52 wholesalers, down 11% from 58.4 in the prior five years: that includes a 2025 average of 27.2 external wholesalers, 21.1 internal wholesalers and 3.6 hybrid wholesalers.
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