U.S. Broker/Dealer Marketplace 2022
Evolving Approaches to Advisor Recruitment and Affiliation
Benchmark and Grow Marketshare in the B/D channel
- Review trends in advisor recruitment and development, including how firms have modified their approach in response to the COVID-19 pandemic
- Discover the most compelling distribution opportunities for asset managers
- Understand the impact that Regulation Best Interest (Reg BI) is having on the industry, including what firms are doing to comply, and how firms’ business models are evolving in response
- Explore how COVID-19 is affecting firms’ and advisors’ use of technology and how advisors are adapting their approach to client engagement
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Summary
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.
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A Note From the Author
Where Are Advisors Going?
Michael Rose, MST
Director
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Michael Rose, MST
Director
Michael is a director within Cerulli’s Wealth Management practice, where he researches key elements of the wealth management industry, with an emphasis on broker/dealers and wealth management technology. In this capacity, he regularly engages with constituents across the wealth management ecosystem, including retail investors, financial advisors, and executives within wealth management, asset management, and technology firms, in order to support Cerulli’s market research initiatives.
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.
They are going to independent or hybrid registered investment advisor (RIA) channels. The rate of growth in the number of advisors who affiliate with independent and hybrid RIAs has grown on an annualized basis by 4.4% and 2.0%, respectively, over the last five years. Wirehouse firms appear to be most at risk of losing advisors, with their advisors most frequently identifying as being undecided about remaining affiliated with their firms over the next 12 months.
They are increasingly leaving for independence. According to the research, 71% of all financial advisors identify a preference for independent affiliation if they were to switch firms. Employee advisors most frequently identify greater autonomy (62%), higher payout (57%), and the ability to build financial value in an independent business (54%) as major factors for their preference for independence.
It’s not all doom and gloom for the B/D channel, however. Firms that pursue upgrades in the name of scale and capability could stem advisor movement and attract advisors—and assets. In fact, technology (56%) and the level of autonomy/control over how they serve their clients (50%) are the most frequently identified factors that would influence an advisor to choose to affiliate with a B/D.
Read our latest Cerulli Report―U.S. Broker/Dealer Marketplace 2022: Evolving Approaches to Advisor Recruitment and Affiliation, for our complete analysis of shifting advisor affiliations as well as complete market sizing of the B/D and advisor channels and our projections for where the market is heading, as well as changes B/Ds are making to their operating models to remain competitive.
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