Fee-Based Financial Advisors (RIAs):
The Fastest Growing Financial Services Market & Distribution Channel

Recently Released!!!
Date Published: June 1, 2015
Summary Power Point Deck: 38 Slides
Reference Power Point Deck: 668 Slides

The purpose of this research is to provide readers with an initial understanding of the fee-based financial advisors (RIAs) market, the fastest growing financial services market & distribution channel. This research provides a top down view of the market, including historical & projected numbers of fee-based financial advisors, and their number of clients, accounts, assets under management, revenues, & net profits. A parallel Tiburon research topic, called A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Fee-Based Financial Advisors, provides extensive bottom up analysis of the specific actions of fee-based financial advisors. Some fee-based financial advisors are dually registered, hanging a brokerage license at a friendly independent broker/dealer; those fee-based financial advisors are referred to as hybrid advisors in this research and are likewise addressed in Tiburon's independent reps research.

This research begins with a broad market background explaining the difference between the broader registered investment advisors (RIAs) market and the sub-segment of fee-based financial advisors.

This research then addresses the three historical phases of fee-based financial advisors, including:

    • Formation Phase
    • Expansion Phase
    • Maturation Phase

This research defines two distinct markets segments:

  • Securities & Exchange Commission Registered Fee-Based Financial Advisors
  • State Registered Fee-Based Financial Advisors

This research then defines the key service providers to fee-based financial advisors:

  • Custodians
  • Independent Broker/Dealers
  • Clearing Brokers
  • Mutual Fund Companies & Other Investment Product Companies
  • Technology Companies, Turnkey Asset Management Programs (TAMPs), & Outsourcing Service Providers

And this research makes the following predictions:

  • Moderate Growth in the Number of Fee-Based Financial Advisors & Rapid Growth in their Assets Under Management
  • Continuing Central Role of Custodians, Including those Beyond the Big Four
  • Growing Use of Exchange Traded Funds, Alternative Investments, & Wealth Management Products
  • Continuing Search for the Technology Holy Grail & Opportunities in Outsourcing
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