U.S. Broker/Dealer Marketplace 2023
The Challenging Pursuit of Organic Growth
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
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
What Causes Financial Advisor Movement and What Can B/Ds Do to Stem the Loss?
Michael Rose, MST
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.
Advisors at wirehouse firms most frequently identify as being unlikely or undecided about remaining affiliated with their firm over the next 12 months (24%), followed by hybrid and independent registered investment advisors (RIAs) at 8% and 7%, respectively. Advisors have been attracted to the RIA channels’ potential for better economics, in the form of higher payouts and business ownership, and greater autonomy over how they operate their practices and serve their clients. In fact, the share of advisors who affiliate with a hybrid RIA or an independent RIA firm has increased 9%, with hybrid RIA advisors representing 11.6% of the advisorforce and independent RIA advisors representing 15.3%.While B/Ds can’t stop advisor movement between channels, they can increase their value proposition by offering an outstanding advisor experience. The aspects of a firm’s platform and resources that advisors most highly value include technology, the level of autonomy afforded advisors to run their practice and serve their clients as they see fit, and the range and quality of financial products and services available to offer clients.
Continue to explore this topic and more with our latest research, U.S. Broker/Dealer Marketplace 2023: The Challenging Pursuit of Organic Growth. See our projections for where the market is heading, as well as changes B/Ds are making—organically and through M&A—to remain competitive.
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