
The State of the U.S. Registered Investment Advisor Channel
April 26, 2023
Registered investment advisors (RIAs) continue to grow assets under management (AUM) and advisor headcount at the fastest rates across the industry. By 2026, RIAs are projected to manage 33% of advisor assets. Despite this trajectory of rapid growth, as the most fragmented retail advice channel, many RIAs face challenges due to staffing limitations, rising costs, and a need for further differentiation.
During this webinar, Cerulli’s Marina Shtyrkov, associate director, and Stephen Caruso, research analyst, explore the factors contributing to channel growth, looming challenges, and discuss the implications for asset managers, aggregators, wealth managers, and other third-party providers. This discussion covers:
- Key trends driving RIA growth and consolidation
- Private equity interest and investment in enterprise RIAs
- Advisor compensation and the impact on channel affiliation and movement
Presented by:

Marina Shtyrkov
Associate Director
Bio →

Marina Shtyrkov
Associate Director
Marina specializes in retail financial advisor trends across affiliation models. She is a member of the Intermediary practice, where she leads research for two annual reports. She also contributes to The Cerulli Edge series and generates quantitative analysis to support strategic consulting engagements.
Prior to joining Cerulli Associates, Marina was at Baystate Financial. In her role, she managed the pre-sales process for a financial planning practice, facilitated case design, and helped implement individualized client strategies.
Full biography here.

Stephen Caruso
Research Analyst
Bio →

Stephen Caruso
Research Analyst
Stephen is a research 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.
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