Stephen Caruso

Senior Analyst, Wealth Management

Team page stephen caruso

About Stephen

Stephen is a senior analyst 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.

Learn More

We use cookies to improve your site experience, distinguish you from other users and support the marketing of our services. These cookies may store your personal information. By continuing to use our website, you agree to the storing of cookies on your device. For more information, please visit our Privacy Notice.