There’s no denying the use of passive investments is on the rise, but it seems active is still king across all channels of financial advisors.

From the wirehouses to independent RIAs, actively managed ETFs, funds or separate accounts are used in the majority of client portfolios, according to research from Cerulli Associates. Independent RIAs use active investments the least, but the vehicles are still a majority of indie RIA allocation (55%), while independent broker-dealers use active investments the most — a whopping 80% of the time. And most IBD active allocation (69%) is to actively managed funds or separate accounts, rather than to ETFs (11%). On the flip side, RIAs — both indie and hybrid — are the biggest users of passively managed index mutual funds (25% and 18% respectively). Wirehouses use these passive products the least — just 6% of the time.

So, from where should we expect growth in passives to come? Cerulli says over the next couple of years smaller practices will increase their usage more than any other practice size.