Break-Away Brokers:
The (Overstated) Trend of Captive Investment & Insurance Advisors Going Independent

Recently Released!!!
Date Published: December 6, 2018
Summary PowerPoint Deck: 89 Slides

Reference PowerPoint Deck: 535 Slides

The purpose of this research is to provide readers with a comprehensive understanding of the (overstated) break-away brokers trend. Break-away brokers are generally defined as captive (employee) financial advisors from the wirehouses, regional brokerage firms, investment banks, private banks, retail banks, insurance companies, & even discount brokerage firms that choose to go indepedent, repositioning their businesses as independent advisors (independent reps and/or fee-based financial advisors (RIAs)). That said, industry data is extremely sloppy, with many sources including financial advisors nudged out by their former employers due to low productivity (broken away brokers), other sources confusing data for financial advisor teams, financial advisors, & registered assistants, and almost all sources including captive advisors that simply move to other captive models and independent advisors that move to other independent models. Hence, the goal of this research is to accurately measure the narrowly defined break-away brokers trend of successful financial advisors moving from captive to independent models. This research leads to critical conclusions for Tiburon's coverage of financial advisor channels, full-service brokerage firms, insurance agents, and independent advisors.

This research addresses the historical phases of the break-away brokers trend, including:
  • Emergence Phase
  • Mis-Reporting Phase
  • Accuracy Phase
this research addresses the reported movement size.

This research then analyzes the reasons behind the movement and re-sizes the break-away brokers trend to only count successful financial advisor teams & financial advisors who move from captive to independent models, utilizing three overlapping yardsticks, including:
  • Financial Advisor Teams & Financial Advisors Changing Firms
  • Successful Financial Advisor Teams & Financial Advisors Changing Firms
  • Successful Break-Away Brokers
And this research makes several future predictions, including:
  • Continuing Moderate Size Trend of Financial Advisor Teams & Financial Advisors Changing Firms
  • Continuing Relatively Small Trend of Successful Financial Advisor Teams & Financial Advisors Changing Firms
  • Insurance Companies & Independent Broker/Dealers to Rival Wirehouses as Leading Sources of Successful Financial Advisor Teams & Financial Advisors Changing Firms
  • Captive-to-Captive and Independent-to-Independent Movement Trends to Remain Larger than Break-Away Brokers Trend
  • Moderate Growth in the Relatively Small Break-Away Brokers Trend
  • Financial Advisor Aggregators to Continue to Capture Largest Break-Away Brokers
  • Continuing Extremely Small Boomerang Trend
Client Access

Tiburon CEO Summit Sponsors, Tiburon Members, and individual research subscribers may click on any of the icons below to access any part of this research. The most widely utilized parts are the Key Findings (think factoids), Podcast Presentation, and Summary PowerPoint deck.

Table of Contents Summary
PowerPoint Deck
Key Findings Reference
PowerPoint Deck
Podcast Presentation Excel Data Sheet
Public Access

Please click on the Table of Contents icon below to see more details of this research.

Table of Contents

Media Access

Members of the media who would like further access to the components of this research may click on the icon below or send an email to Sarah Sage.

Media Access

Tiburon Research Subscriptions

Subscribe

If you are having difficulties subscribing to Tiburon research online please contact Sarah Sage at
SSage@TiburonAdvisors.Com or 415-789-2540.