U.S. Intermediary
Map out the U.S. retail-focused financial advisor market. Cerulli’s Intermediary practice focuses on the intermediaries that provide advice to end-investors, their service models, and the implications of shifting market dynamics.
Practice Detail
A one-stop destination for comprehensive insight into the U.S. retail-focused advisor channels, Cerulli’s Intermediary Practice focuses on the intermediaries that provide advice to end-investors and how they do it. The practice covers market sizing and segmentation, practice structures and attributes, distribution of retail asset management products and services, product decisions, broker/dealers, clearing and custody agents, advisor recruiting and transitions, RIA aggregators, and growth drivers.
Publications
- Annual report
- The Cerulli Edge
Our Experts
Meet the Team
As data-driven problem solvers, they analyze key business trends, emerging challenges, and growth signals to arrive at actionable insights. They know trends, they know products, they know fees, they know sales models. Learn how they can help you.
Donnie Ethier
Senior Director
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Donnie Ethier
Senior Director
Donnie Ethier is the head of Cerulli Associates’ Wealth Management practice. The Wealth Management practice is dedicated to helping clients proactively adapt to retail financial advice and planning trends, including the high-net-worth markets. Donnie oversees the practice’s annual research agenda and is a core contributor to consulting engagements, syndicated research, and the The Cerulli Edge—U.S. Advisor Edition.
Since joining Cerulli in 2012, Donnie has led several practices and research initiatives including the Wealth Management, High-Net-Worth, and Annuity practices. Prior to joining Cerulli, Donnie held roles at Sun Life Financial and Sun Life Financial Distributors for eight years focusing on market and distribution strategy, product development, competitive intelligence, and professional development.
Full biography here.
Molly Bergin
Senior Survey Analyst
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Molly Bergin
Senior Survey Analyst
As a survey analyst, Molly supports all the U.S. research practices’ core survey needs. She assists in survey creation, data collection, and analysis for the Boston office. In addition to her work in the Wealth Management practice, Molly is also responsible for supporting survey processes related to consulting projects and carrying out daily interactions with research participants.
Prior to joining Cerulli, Molly was a Research Consultant at Cornell University. Her research focused on the education sector, where she studied the use of university resources to meet the needs of rural schools across New York State.
Full biography here.
Andrew Blake
Associate Director
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Andrew Blake
Associate Director
Andrew is a member of Cerulli’s Wealth Management practice, focusing on distribution strategies for retail asset management products sold through financial advisors, advisor product use, and portfolio construction trends.
Prior to joining Cerulli Associates, Andrew began his career at John Hancock Investment Management. He then went on to work in a distribution role at a Boston area RIA. He has spent nearly a decade working with financial advisors in the wirehouse, independent broker/dealer, and RIA channels.
Full biography here.
Stephen Caruso
Senior Analyst
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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.
Andrew Larsen
Associate Analyst
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Andrew Larsen
Associate Analyst
Andrew is an associate analyst on the Wealth Management team, providing quantitative analysis for the U.S. Advisor Metrics and U.S. RIA Marketplace annual reports. He primarily supports Cerulli's financial advisor research and data collection processes. He also contributes to The Cerulli Edge series, as well as various consulting engagements related to the financial advisor marketplace.
Full biography here.
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.
Advisor Research Collaborative
Are You a Financial Advisor?
Cerulli’s Advisor Research Collaborative (ARC) is the largest financial advisor research network in the U.S. For over 30 years, it has served as the foundation for Cerulli’s strategic intelligence on the U.S. wealth management marketplace. More than 1,500 financial advisors regularly participate in the Collaborative to benefit from shared insights and recommendations.
STRATEGIC CONSULTING AND 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.