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.

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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.

Molly Bergin

Molly Bergin

Senior Survey Analyst

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Molly Bergin

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

Andrew Blake

Associate Director

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Andrew Blake

Andrew Blake

Associate Director

Andrew is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types.

Prior to joining Cerulli Associates, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has spent over a decade working with financial advisors and researching distribution best practices.

Full biography here.

Bradford Bruenell

Bradford Bruenell

Analyst

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Bradford Bruenell

Bradford Bruenell

Analyst

Brad is an Associate Analyst in the Wealth Management practice and is responsible for researching trends within the wealth management industry that impact broker/dealers.

Prior to joining Cerulli Associates, Brad worked at Cartesian, where he provided consulting services to telecommunications, media, and technology companies.

Full biography here.

Stephen Caruso

Stephen Caruso

Senior Analyst

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Stephen Caruso

Stephen Caruso

Senior Analyst

Stephen is a senior analyst in the Wealth Management practice where he leads research into the registered investment advisor (RIA) channels. As part of his research, he is the author of Cerulli’s U.S. RIA Marketplace report and has written on topics including private equity investment in RIAs and the role staff play in RIAs’ pursuit of scale.

Full biography here.

Asher Cheses

Asher Cheses

Director

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Asher Cheses

Asher Cheses

Director

Asher is a member of Cerulli’s Wealth Management practice, specializing in trends that impact high-end advisory firms and high-net-worth investors. In his role, Asher is responsible for leading various strategic consulting engagements within the wealth management practice, focusing on multi-family offices, RIAs, private banks, and trust companies.

Prior to joining Cerulli, Asher worked as an Investment Analyst at a Boston-based multi-family office, where he conducted fund due diligence and portfolio analysis for high-net-worth investors.

Full biography here.

Delaney Hallberg

Delaney Hallberg

Associate Survey Analyst

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Delaney Hallberg

Delaney Hallberg

Associate Survey Analyst

As an associate survey analyst, Delaney supports the Boston office's core survey needs. She assists with survey creation and review, and data analysis.

Prior to joining Cerulli, Delaney interned at a research lab at the University of Delaware, assisting in research related to child learning and development. She graduated from the University of Delaware with a major in Psychology and a minor in Statistical Data Analytics.

Full biography here.

Colin Kennedy

Colin Kennedy

Analyst

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Colin Kennedy

Colin Kennedy

Analyst

As an analyst on the Wealth Management team, Colin supports research across a range of topics, including retail financial advisor trends, asset management distribution strategies, and high-net-worth (HNW) investors. He collaborates with research analysts on the Wealth Management team to provide quantitative support, data analysis, and written commentary for Cerulli annual reports.

Full biography here.

Andrew Larsen

Andrew Larsen

Analyst

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Andrew Larsen

Andrew Larsen

Analyst

Andrew is an 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.

Kevin Lyons

Kevin Lyons

Senior Analyst

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Kevin Lyons

Kevin Lyons

Senior Analyst

Kevin is a Senior Analyst within Cerulli’s Wealth Management practice, focusing on trends in distribution strategies, advisor product use, and portfolio construction.

Prior to joining Cerulli Associates, Kevin worked at Columbia Threadneedle Investments as a Consultant on the Strategic Beta ETF team. In his career, he has over 15 years of experience working with financial advisors in the wirehouse, independent broker/dealer, and RIA channels at Columbia Threadneedle Investments, Russell Investments, and Putnam Investments.

Full biography here.

Michael Rose, MST

Michael Rose, MST

Director

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Michael Rose, MST

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.

Noah Serianni

Noah Serianni

Analyst

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Noah Serianni

Noah Serianni

Analyst

Noah is an analyst on the Wealth Management team, where he supports research on distribution strategies for retail asset management products sold through financial advisors, advisor product use, and portfolio construction trends. He also assists on custom consulting projects within the Wealth Management practice.

Prior to his role as an analyst, Noah worked as a Senior Survey Analyst at Cerulli, where he supported all the U.S. research practices’ core survey needs.

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.

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EXPLORE

Wealth Management

Cerulli knows the U.S. wealth management market. With four distinct areas of coverage, we provide top-down and bottom-up insights into the multi-faceted corners of the industry.

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