Full-Service Brokerage Firms:

Wirehouses, Other National Brokerage Firms, & Regional Brokerage Firms with Other National Brokerage Firms Gaining Some Share

Recently Released!!!
Date Published: June 4, 2024
Summary PowerPoint Deck: 376 Slides
Reference PowerPoint Deck: 1,836 Slides

The purpose of this research is to provide readers with a comprehensive understanding of 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 (e.g., 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 discount & online brokerage firms. This research is part of Tiburon's broader coverage of wealth management firms.

This research addresses the historical phases of full-service brokerage firms, including:
  • Emergence Phase
  • Growth Phase
  • Discount & Online Brokerage Firms Competition Phase
  • Independent Advisors Competition Phase
This research defines the key market segments of full-service brokerage firms, including:
  • Wirehouses
  • Other National Brokerage Firms
  • Regional Brokerage Firms
This research outlines the competitive factors amongst, and key service providers to, full-service brokerage firms, including:
  • Financial Advisor Recruiting Bonuses, Fees, & Payouts
  • Client Commissions & Fees
  • Open-End Mutual Fund Companies, Exchange Traded Fund (ETF) Companies, Separately Managed Account Companies, & Other Investment Product Companies
  • Technology Companies & Turnkey Asset Management Programs (TAMPs)
This research makes several future predictions for full-service brokerage firms, including:
  • Modest Financial Advisor Recruiting Market with a Steady (But Relatively Small) Flow Out of Break-Away Brokers
  • Slow Growth in Number of Financial Advisors and Moderate Growth in Assets Under Management & Administration and Net New Assets Under Management & Administration
  • Continued Dominance of Wirehouses, with Other National Brokerage Firms Gaining Some Share
  • Continued Decline of Financial Advisor Recruiting Bonuses and Payouts with More Fees & Higher Bars
  • Lower Client Commissions & Fees
  • Increasing Dominance of Managed Account Programs, Exchange Traded Funds (ETFs), Alternative Investments, & Comprehensive Financial Planning
  • Increasing Utilization of Third-Party Technology
  • Limited Full-Service Brokerage Firms Venture Capital Opportunities
  • Modest Number of Full-Service Brokerage Firms Mergers & Acquisitions, with Other National Brokerage Firms Acquiring Regional Brokerage Firms
  • Limited Full-Service Brokerage Firms Initial Public Offerings (IPOs)













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