Fee-Based Financial Advisors (RIAs):

The Fastest Growing Financial Services Market & Distribution Channel

Recently Released!!!
Date Published: June 11, 2024
Summary PowerPoint Deck: 321 Slides
Reference PowerPoint Deck: 1,555 Slides

The purpose of this research is to provide readers with a comprehensive 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 (RIAs), and their number of clients, accounts, assets under management, net flows, revenues, earnings before interest, taxes, depreciation, & amortization (EBITDA), & net profits. Some fee-based financial advisors are dually registered, hanging a brokerage license at a friendly independent broker/dealer while also maintaining their own RIA; those fee-based financial advisors are referred to as dually registered financial advisors in this research and are likewise addressed in Tiburon's independent reps research. This research is a part of Tiburon's broader coverage of independent advisors and its even broader coverage of financial advisor channels.

This research begins with a context setting chapter explaining the reasons that counting the number of fee-based financial advisors (RIAs) is difficult, including:

  • Overlapping Federal & State Registration Processes
  • Non-Fee-Based Financial Advisors (RIAs) Included in Registered Investment Advisors (RIA) Definition
  • Some Fee-Based Financial Advisor (RIA) Look Alikes Not Counted in Registered Investment Advisor (RIA) Definition
  • Dually Registered Financial Advisors Often Double Counted
  • Use of Multiple Custodians Leading to Double Counting
The research presents the key methods of measuring the fee-based financial advisors (RIAs) market, including:

  • Bottom Up
  • Top Down
This research then addresses the key historical phases of fee-based financial advisors (RIAs), including:

  • Formation Phase
  • Expansion Phase
  • Maturation Phase
The research highlights fee-based financial advisor (RIA) market growth and the leading firms.

This research defines distinct registration markets segments of fee-based financial advisors (RIAs), including:

  • Securities & Exchange Commission (SEC) Registered Fee-Based Financial Advisors (RIAs)
  • State Registered Fee-Based Financial Advisors (RIAs)
This research then defines distinct business model markets segments of fee-based financial advisors (RIAs), including:

  • Fee-Only Fee-Based Financial Advisors (RIAs)
  • Dually Registered Financial Advisors (RIAs)
This research then defines the key service providers to fee-based financial advisors (RIAs), including:

  • Custodians
  • Open-End Mutual Fund Companies, Exchange Traded Funds (ETFs) Companies, & Other Investment Product Companies
  • Technology Companies & Turnkey Asset Management Programs (TAMPs)
And this research makes several future predictions for fee-based financial advisors (RIAs), including:

  • Moderate Growth in the Number of Fee-Based Financial Advisors (RIAs) & Substantial Growth in their Assets Under Management
  • Continuing Dominance of Securities & Exchange Commission (SEC) Registered Fee-Based Financial Advisors (RIAs)
  • Continuing Dominance of Fee-Only Financial Advisors (RIAs)
  • Emergence of Robo Advisors & Hybrid Digital Advice Providers
  • Continuing Central Role of Fee-Based Financial Advisor (RIA) Custodians, Including those Beyond the Leaders
  • Continuing Fee-Based Financial Advisors (RIAs) Investment Product Usage Shift Away From Open-End Mutual Funds
  • Moderate Additional Fee-Based Financial Advisors (RIAs) Venture Capital Investments
  • Continued Consolidation of Fee-Based Financial Advisors (RIAs)
  • Medium-Term Potential for Fee-Based Financial Advisors (RIAs) Initial Public Offerings (IPOs)

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