Wirehouses:
An Industry Under Threat?

Recently Released!!! Date Published: April 28, 2015
Summary PPT Deck: 44 Slides
Reference PPT Deck: 549 Slides


The purpose of this research is to provide readers with an initial understanding of the wirehouses & regional broker/dealers, a market that has been both rapidly evolving and consolidating. Tiburon has a separate research topic that addresses the investment banking business (corporate finance; mergers & acquisitions advice; institutional sales & trading). This research specifically focused on the private client businesses of these firms. Tiburon also has separate research topics that address independent broker/dealers and discount brokerage firms.

This research addresses the four historical phases of the full-service brokerage firms industry, including: 
  • Historical Phase
  • Growth Phase
  • Discount Brokerage Firms Competition Phase
  • Independent Advisors Competition Phase

    This research defines two distinct markets segments including:

    • Wirehouse Firms
    • Regional Broker/Dealers

This research outlines five key service providers to the full-service brokerage firms industry, including:

  • Mutual Fund Companies & Other Traditional Product Companies
  • Fee-Accounts, TAMPs, & Separate Account Managers
  • Exchange Traded Funds, Hedge Funds, & Other Investment Product Companies
  • Wealth Management & Family Office Service Product Companies
  • Technology Companies & Other Key Vendors

And this research makes the following future predictions for the full-service brokerage firms industry, including: 

  • Lack of Growth in Sale Forces, the Break-Away Broker Movement, & the Slow Decline in Market Share
  • Repositioning of Core Offers
  • Custom Recruiting & Compensation Strategies and Transformational Business Models Emerging
  • Acquisitions of Independent Broker/Dealers
  • Spin-Off of Retail Brokers

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