Financial Advisor Channels:
Full-Service Brokerage Firms; Independent Advisors; and Discount & Online Brokerage Firms

Recently Released!!!
Date Published: December 23, 2022
Summary PowerPoint Deck: 395 Slides

Reference PowerPoint Deck: 1,423 Slides

The purpose of this research is to provide readers with a comprehensive overview of the financial advisor channels, including full-service brokerage firms, independent advisors, and discount & online brokerage firms. This research serves to highlight the key findings of each of these underlying Tiburon research topics and draws cross-channel comparisons. Other Tiburon research topics address the institutional and international channels.

This research addresses the key historical phases of the financial advisor channels, including:
  • Retail Banks Dominance Phase
  • Full-Service Brokerage Firms Emergence Phase
  • Discount Brokerage Firms Emergence Phase
  • Independent Advisors Emergence Phase
  • Financial Advisor Aggregators & Online Advice Firms (Robo Advisors) Emergence Phase
This research addresses numerous financial advisor channels, including:
  • Full-Service Brokerage Firms
    • Wirehouses
    • Other National Brokerage Firms
    • Regional Brokerage Firms
    • Investment Banks
  • Independent Advisors
    • Independent Reps (Traditional)
    • Dually Registered Financial Advisors
    • Fee-Only Financial Advisors (RIAs)
  • Discount & Online Brokerage Firms
    • Discount Brokerage Firms
    • Online Brokerage Firms
And this research makes several future predictions for the financial advisor channels, including:
  • Number of Financial Advisors to Stagnate But Assets Under Management & Administration to Grow Substantially
  • Steady (But Small) Flow of Break-Away Brokers to Continue
  • Increasingly Broad Set of Financial Advisor Business Model Choices to Emerge
  • Discount & Online Brokerage Firms and Fee-Based Financial Advisors (RIAs) to Continue to Gain Market Share
Member Access

Tiburon Members & 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


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