U.S. Broker/Dealer Marketplace 2021

The Pursuit of Scale

Benchmark and Grow Marketshare in the B/D channel

  • Identify developments in advisor affiliation preferences and migration patterns
  • Understand B/D merger and acquisitions and industry consolidation and their implications for the competitive landscape
  • Review the evolution of the regulatory environment and the implications for B/Ds and their financial advisors
  • Learn about the most compelling distribution opportunities for asset managers
  • Explore firm-specific insights to augment wholesaling strategies


US Broker Dealer Marketplace 2020 Details

Buy Now

Jeremy Fodaski

Jeremy Fodaski

Account Manager


This report provides B/Ds and custodians a method to benchmark against their competitors and insights into how they are reacting to key opportunities. The report also helps asset managers and other third parties identify which are the fastest-growing B/Ds are and what the growth drivers are. Third parties will gain greater insight into their existing B/D partnerships, while also discovering new partnering opportunities.

Included with Purchase



Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.

Executive summary

Executive Summary

Get the most important report findings distilled in an easy-to-understand and highly visual format before you begin your journey through the report or use it as a tool for senior leadership.

Interactive report dashboard

Interactive Report Dashboards

Access consolidated data from multiple report exhibits in a single comparative view. Flexibly build your view of data with customizable filters and share the results in a format that meets your requirements.

Analyst support

Analyst Support

Got a question? Our analysts are available to help you interpret and analyze key findings as well as provide their perspective on industry trends.


Data Behind This Report

Data is the foundation of our reports. Each study contains nearly 100 exhibits, available to buyers in Excel format. Extract and explore Cerulli’s data and analysis your way.


Digital Access

Access your reports digitally anytime, anywhere, on any device through our client portal.

A Note From the Author

U.S. Broker/Dealers Address Looming Talent Shortage from Rookie Recruitment to Advisor Succession Planning

Michael Rose

Michael Rose


Bio →

Michael Rose

Michael Rose


As director of the Wealth Management practice, Michael is responsible for researching trends within the wealth management industry that impact broker/dealers. In this capacity, he regularly engages with key constituents that comprise the wealth management ecosystem, including investors, financial advisors, financial institutions, and technology providers, in order to measure key market characteristics and to advise financial institutions. Michael also collaborates with his Cerulli colleagues in support of the firm’s broader research into the wealth management industry.

Prior to joining Cerulli, Michael spent eight years working as a financial advisor, providing comprehensive wealth management services to high-net-worth individuals and families. Prior to his role as a financial advisor, Michael served as a research analyst for IDC, where he was responsible for researching trends within the technology industry and advising senior business executives on product strategy.

Full biography here.

A full 37% of all broker/dealer (B/D) advisors anticipate retiring within the next 10 years. The combination of high market valuations and an aging advisor demographic makes investments in capabilities to support the transition of assets in motion as a result of advisor retirements an area of critical importance for B/Ds.

Replacing legacy talent will be a tall task. While the industry is expected to recruit 15,298 new rookie advisors into the industry, more than three-quarters are expected to fail within the first three years. Furthermore, competition for advisor talent remains high as affiliation options abound and the industry evolves from a commission-based sales culture toward a fee-based fiduciary advice culture. B/Ds that can attract and retain established advisors through the supremacy of their platforms and service offerings while developing the next generation of talent will be best positioned for growth.

Explore how B/Ds are addressing changes to their advisor talent and more with our report, U.S. Broker/Dealer Marketplace 2021: The Pursuit of Scale. With comprehensive top-down, bottom-up quantitative analysis, this report examines the implications of industry consolidation, sizes the largest B/D networks, and benchmarks B/D firms at the parent company, including all the underlying types of advisors affiliated with a given B/D.


Want More Information?

Learn more about this report and related Cerulli research.

Contact Us

You May Also be Interested in

  • Annual report
  • The Cerulli Edge
Consulting Page module Rocket 120820


Cerulli Consulting

Understand where to allocate resources to achieve your objectives. We can help you determine which initiatives are likely to be successful and those that may not achieve the desired effect. In an increasingly competitive market, our objectivity and experience can help you to advance your firm’s unique strengths.

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.