Independent Reps:
The Growing Market of Dually Registered Advisors

Recently Released!!!
Date Published: March 10, 2017
Summary PPT Deck: 41 Slides
Reference PPT Deck: 1,019 Slides


The purpose of this research is to provide readers with an a comprehensive understanding of the independent reps market, which is a large & diverse market of over 90,000 series seven registered reps who own their own businesses and utilize independent broker/dealers such as LPL Financial Holdings, Cetera Financial Group, Advisor Group, Raymond James Financial Services, Commonwealth Financial Network, & Ladenburg Thalmann. A parallel research topic published by Tiburon, called A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Independent Reps, provides extensive bottom up analysis of the specific actions of independent reps. This research provides a top down view of the market. Some independent reps are dually registered, having their own RIAs; those reps are referred to as dually registered financial advisors in this research and are likewise addressed in Tiburon's fee-based financial advisor (RIAs) research.

This research begins with a broad market background explaining the difficulties in sizing the independent reps market, including: 

  • Overlapping Definition with Insurance Agents
  • Overlapping Definition with Fee-Based Financial Advisors
  • Great Number of Small Independent Broker/Dealers

This research addresses the four historical phases of the independent reps market, including: 

  • Industry Emergence Phase
  • Rapid Industry Consolidation Phase
  • Firm Restructurings Phase
  • Industry Maturation Phase

This research outlines the three key segments of independent reps, including: 

  • Independent Broker/Dealer Reps
  • Insurance Broker/Dealer Reps
  • Dually Registered Advisors
  • This research outlines the key service providers to independent reps, including:

    • Independent Broker/Dealers, Clearing Brokers, & Custodians
    • Mutual Fund Companies & Other Product Companies
    • Technology Companies & Other Key Vendors to Independent Reps

And this research makes four future predictions for the independent reps business, including: 

  • Moderate Industry Growth
  • Growing Importance of Dually Registered Advisors
  • Recruiting War, Payout Rate Pressures, Value Added Playing Field, Continued Profitability Pressures, & Continued Consolidation
  • Further Distancing of the Leaders (and Potential for Wirehouse Entrants)

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