
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:

Stephen Caruso
Senior Analyst
Bio →

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.
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