U.S. RIA Marketplace 2022
Expanding Opportunities to Support Independence
Navigate the U.S. RIA Market
- Explore a complete sizing of the U.S. retail-focused registered investment advisor (RIA) marketplace
- Understand the impact and implications of advisor movement into RIA channels
- Gain insight into RIAs’ portfolio construction processes and product use metrics
- Gain insight into the competitive dynamics among established and emerging RIA custodians, advisor interest in expanding custodial options, and drivers of growth in the clearing/custody space
- Evaluate the Office of Supervisory Jurisdiction (OSJ) as an independence opportunity for advisors
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Jeremy Fodaski
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Summary
Analyze the many dimensions of the retail-focused RIA marketplace with 10+ years of market sizing of the independent RIA and hybrid RIA channels. Uncover factors that have led to the channels’ high growth and understand the needs, challenges, and opportunities facing RIAs in today’s environment. The report also covers key topics for RIA sales distribution, including product use, portfolio construction, and allocation changes.
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A Note From the Author
Opportunity Arises for Emerging RIA Custodians
Marina Shtyrkov
Associate Director
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Marina Shtyrkov
Associate Director
Marina specializes in retail financial advisor trends across affiliation models. She is a member of the Intermediary practice, where she leads research for two annual reports. She also contributes to The Cerulli Edge series and generates quantitative analysis to support strategic consulting engagements.
Prior to joining Cerulli Associates, Marina was at Baystate Financial. In her role, she managed the pre-sales process for a financial planning practice, facilitated case design, and helped implement individualized client strategies.
Full biography here.
According to Cerulli, one in four RIAs are exploring adding a custodian in the next year. Yet only 4% of RIAs have switched custodians in the past 12 months. The logistical challenges of switching custodians make it rare that RIAs drop an existing custodial partner entirely. Instead, RIAs are more likely to add a new custodian to fill any perceived gaps in service or capabilities.
For new or boutique custodians, this presents a potential opportunity. Given advisor reluctance to switching custodians, they can win business by offering solutions where others have made limited headway, or by targeting breakaway advisors and helping them establish RIAs. Newly created RIAs lack any pre-existing custodial relationships or loyalties and represent a growing pool of assets as more employee-based advisors transition to the independent model.
Our report, U.S. RIA Marketplace 2022: Expanding Opportunities to Support Independence, addresses this and more, including a complete market sizing, detailed practice attributes, insight into RIA consolidation, and asset manager distribution strategies.
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