Full-Service Brokerage Firms:
Wirehouses, Other National Brokerage Firms, & Regional Brokerage Firms

Recently Released!!!
Date Published: June 19, 2019
Summary PowerPoint Deck: 122 Slides

Reference PowerPoint Deck: 632 Slides

The purpose of this research is to provide readers with a comprehensive understanding of the wirehouses, other national brokerage firms, & regional brokerage firms, a market that has been both rapidly evolving and consolidating. Tiburon has a separate research topic that addresses the investment banking businesses (corporate finance; mergers & acquisitions advice; institutional sales & trading) of these firms. This research specifically focuses on the private client businesses of these firms. Tiburon also has separate research topics that address independent broker/dealers and online brokerage firms. This research is part of Tiburon's broader coverage of financial advisor channels.

This research addresses the historical phases of full-service brokerage firms, including:
  • Historical Phase
  • Growth Phase
  • Discount Brokerage Firms Competition Phase
  • Independent Advisors Competition Phase
This research defines markets segments of full-service brokerage firms, including:
  • Wirehouses
  • Other National Brokerage Firms
  • Regional Brokerage Firms
This research outlines the key service providers to full-service brokerage firms, including:
  • Mutual Fund Companies, Exchange Traded Funds (ETFs), Separately Managed Accounts (SMAs) Managers, Hedge Funds, & Other Investment Product Companies
  • Technology Companies & Turnkey Asset Management Programs (TAMPs)
This research makes several future predictions for full-service brokerage firms, including:
  • Steady (But Relatively Small) Flow Out of Break-Away Brokers
  • Moderate Growth in Assets Under Administration, Revenues, & Net Profits
  • Continuing Focus on Big Producers through Compensation Plans, Teams, & Call Centers
  • Continued Dominance of Wirehouses with Other National Brokerage Firms Gaining Share
  • Increasing Dominance of Managed Account Programs
  • Increasing Role of Alternative Investments
  • Potential for Stand-Alone Registered Investment Advisor & Other Semi-Independent Models
  • Continual Industry Consolidation
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