Taking Control: Exploring Independence
June 13, 2022
Explore why advisor independence on the rise and the factors that will continue to influence growth.
Michael Rose, MST
Director
Bio →
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.
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.
Scott Smith
Director
Bio →
Scott Smith
Director
With more than 20 years of financial services industry experience, Scott leads Cerulli’s research efforts focused on investor behavior and advisory relationships. In his time at Cerulli, he has authored more than two dozen in-depth reports on topics ranging from wholesale distribution to digital advice platforms. His research helps Cerulli’s clients understand how to optimize their platforms given the evolving demand for financial advice.
Scott started his career wearing a headset at Putnam Investments’ service center in 1996, before moving to more strategic roles at MFS Investment Management starting in 2000, and then to Cerulli in 2007. In addition, he currently serves as member of the CFP Board’s Digital Advice Working Group, and as a judge for the wealthmanagement.com Industry Awards.
Full biography here.
Explore why advisor independence is on the rise and learn about key aspects of operating as an independent advisor.
Independence has been the fastest-growing form of advisor affiliation over the last decade, both in terms of the rate of growth in the number of advisors and the amount of client assets that are managed by advisors.
In January and February 2022, Cerulli conducted qualitative research interviews with successful financial advisors across employee and independent channels on behalf of Commonwealth Financial Network. These interviews addressed a broad range of topics, including consideration or experience with moving to an independent channel, client service models, succession planning, and key aspects of managing an independent practice.
The findings can be accessed in our white paper series, Taking Control: Exploring Independence.
Unpacking Independence, The Reason Advisors Seek It, and How They Can Make a Successful Transition
Demystifying the Independent Channel
Use these insights to explore the reasons why advisors seek independence and understand the different affiliation options available to advisors.
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By Considering Advisors as their Primary Clients, Firms Serving Independent Channels Enable Advisors’ Success
Focus on the Experience
Evaluate the different ways firms across channels attempt to influence and manage the client experience advisors create. This white paper focuses on the degree of freedom advisors have in crafting a client experience and managing their practices based on their own preferences versus corporate initiatives.
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Going independent doesn’t necessitate giving up critical resources and support
Managing the Independent Practice
Learn about the essential tasks and responsibilities associated with managing an independent practice and how advisors can leverage resources to help them run their business the way they want.
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How independence enables customized business succession for advisors and facilitates inorganic growth opportunities
Transitioning Your Practice the Way You Want
Learn how independent affiliation expands an advisor’s range of succession planning options and creates opportunities for advisors looking to grow their practice through mergers and acquisitions.
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