Stephen Caruso
Associate Director, Wealth Management
About Stephen
Stephen is an associate director in the Wealth Management practice where he leads research into the registered investment advisor (RIA) channels. As part of his research, he is the author of Cerulli’s U.S. RIA Marketplace report and has written on topics including private equity investment in RIAs and the role staff play in RIAs’ pursuit of scale. Additionally, he oversees Cerulli’s Advisor Research Collaborative, an initiative that surveys over 2,000 financial advisors a year. He regularly contributes insights and quantitative analysis to strategic consulting engagements including recent work assessing M&A opportunities for large RIA consolidators and scoping marketplace fit for emerging RIA custodians.
Stephen graduated from Roger Williams University in 2016 with a Bachelor of Arts in Economics and Political Science.
Recent Project Work
- Conducted a comprehensive review of the RIA custodian marketplace to identify potential areas of market penetration
- Oversaw due diligence and strategic evaluation of acquisition opportunities in the wealth management space
- Developed and fielded custom surveys of financial advisors to assess product choice and affiliation preferences
- Prepared competitive analysis of RIA consolidators, assessing for market fit, growth metrics, and platform capabilities
Learn More about the U.S. Wealth Management Practice
Our Wealth Management practice is split into four distinct areas of coverage—offering top-down and bottom-up insights into the multi-faceted corners of the industry.