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 and co-head of Cerulli’s Wealth Management practice where he leads a team of analysts dedicated to developing data and insights to support Cerulli’s published research and consulting business. Michael specializes in research and consulting related to the delivery of wealth management services by broker/dealers in addition to wealth management technology utilized across all channels and he is the lead author of Cerulli’s Broker/Dealer Marketplace report and State of U.S. Wealth Management technology reports. Michael regularly engages with key constituents across the wealth management ecosystem, including financial advisors, wealth management firms, asset management firms, and technology providers, in order to measure key market characteristics and to advise executives.
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 market researcher and consultant for IDC, where he was responsible for researching trends within the infrastructure software marketplace and advising senior business executives on technology and product strategy.
Full biography here.
Scott Smith
Senior Director
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Scott Smith
Senior Director
As the Senior Director of Advice Relationships, Scott leads Cerulli's coverage of fee-based managed accounts and investors' engagement preferences. With more than 25 years of wealth management experience, Scott adds valuable context and perspective in assisting Cerulli's clients with optimizing their advisors' and investors' platform experiences, given the evolving demand for financial advice.
During his tenure at Cerulli, Scott’s research and consulting work has covered the full spectrum of wealth management topics, from product development and wholesale distribution to portfolio management and comprehensive financial planning.
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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