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
Buy Now

Jeremy Fodaski
Senior Account Manager
- Boston HQ +1 617.437.0084
- Singapore +65 6994 1022
- London +44 20 7645 9040
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.
Included with Purchase
Methodology
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 Summaries
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 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
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
Opportunity Arises for Emerging RIA Custodians

Stephen Caruso
Senior Analyst
Bio →

Stephen Caruso
Senior Analyst
Stephen is a senior analyst in the Wealth Management practice where he provides quantitative support to two annual reports. He also contributes to the advisor data collection process and to The Cerulli Edge series. Prior to joining Cerulli Associates, Stephen worked at Banyan Tree Capital, where he managed client servicing operations.
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.
CONTACT US
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

Strategic Consulting & Custom Research
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.