Report

U.S. Broker/Dealer Marketplace 2024

Drivers of Advisor Affiliation 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

$21,000

US Broker Dealer Marketplace 2020 Details

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Jeremy Fodaski

Jeremy Fodaski

Senior Account Manager

Boston HQ +1 617.437.0084

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.

A Note From the Author

Technology Is Driving B/Ds’ Pursuit of Scale

Michael Rose, MST

Michael Rose, MST

Director

Bio →

Michael Rose, MST

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.

The broker/dealer (B/D) marketplace has experienced significant consolidation over the past decade-plus. Since 2013, the 10-largest B/D firms have increased their share of B/D advisor headcount from 44% to 62% in 2023 and have achieved this growth mainly through mergers and acquisitions of competitors.

As they look to their next phase of growth, technology is one of the top factors B/Ds will need for scale. The quality of a B/D firm’s technology is a critical factor influencing advisor recruitment and retention. In fact, our research finds that advisors who switched B/D firms within the last three years most frequently identify the quality of a firm’s technology (55%) as a factor that influenced them to join their B/D, surpassing even compensation (49%).

Investments in technology can significantly enhance a firm’s attractiveness, making it a more conducive environment for advisors to thrive. While it may not be enough to keep advisors from going independent, a compelling technology platform is essential for attracting and recruiting advisors from competitor B/Ds.

Continue to explore this topic and more with our latest research, U.S. Broker/Dealer Marketplace 2024. See our projections for where the market is heading, as well as the changes B/Ds are making to retain and attract top advisor talent amidst a competitive landscape.

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