U.S. Advisor Metrics 2023
Specializing for Growth and Differentiation
Strengthen and Scale Advisor Relationships
- Understand advisor compensation trends and the impact of compensation on firm growth
- Review the evolution of advisor compensation models across channels, including the use of alternative pricing and pay structures
- Review the changing role of the branch manager in shaping post-pandemic firm culture through advisor development, recruiting, and branch operations
- Analyze dashboards designed to provide a comprehensive overview of advisor demographics, staffing, growth, and fees
- Evaluate 10-year historical market sizing trends and projections for the U.S. financial advisor marketplace across channels
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Summary
This report provides a broad and deep perspective on financial advisors, highlighting their most critical needs, risks, opportunities, and challenges. With a holistic perspective, the data and analysis cover financial advisors operating across all channels, including wirehouses, national/regional broker/dealers (B/Ds), independent B/Ds, hybrid registered investment advisors (RIAs), independent RIAs, insurance B/Ds, and retail bank B/Ds.
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A Note From the Author
Advisor Headcount Remains Relatively Stagnant
Andrew Blake
Associate Director
Bio →
Andrew Blake
Associate Director
Andrew is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types.
Prior to joining Cerulli Associates, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has spent over a decade working with financial advisors and researching distribution best practices.
Full biography here.
Advisor headcount was largely unchanged in 2023 as the number of advisors grew by just 2,706 in 2022. The number of new advisors barely offsets trainee failures and retirements, emphasizing the critical need for the industry to attract and retain talent.
Over the next decade, 109,093 advisors plan to retire, comprising 37.5% of industry headcount and 41.5% of total assets. Meanwhile, the rookie failure rate hovers around 72%. As the industry grapples with personnel replacement, firms must grow their talent pipeline and better communicate the role and training timeline of a financial advisor.
In 2024, how can firms build a sustainable talent pool of advisors? What types of rookie training programs will generate advisor success? Cerulli’s report, U.S. Advisor Metrics 2023, answers this and more. Gain access to detailed analyses of advisor market sizing, client relationships, B/D support, investment product use, practice challenges, and growth opportunities.
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