Independent Advisors:
Independent Reps, Fee-Only Financial Advisors (RIAs), & Dually Registered Financial Advisors

Recently Released!!!
Date Published: December 14, 2022
Summary PowerPoint Deck: 323 Slides

Reference PowerPoint Deck: 1,284 Slides

The purpose of this research is to provide readers with a comprehensive understanding of independent advisors, including independent reps, fee-only financial advisors (RIAs), & dually registered financial advisors, which are collectively the fastest growing financial advisory market & distribution channel. Data on these interrelated markets can be confusing for many reasons, including fee-based financial advisors' definition as a sub-set of registered investment advisors (RIAs), independent reps' overlap with insurance agents, and the overlap in dually registered financial advisors within the definition of independent advisors. This research summarizes the highlights of these underlying topics. This research is part of Tiburon's broader coverage of financial advisor channels.

This research starts with a context setting chapter, and then addresses the key historical phases of independent advisors, including:
  • Emergence Phase
  • Growth Phase
  • Maturization Phase
This research defines the core market segments of independent advisors, including:
  • Independent Reps (Traditional)
  • Dually Registered Financial Advisors
  • Fee-Only Financial Advisors (RIAs)

And this research offers several future predictions for independent advisors, including:
  • Continued Modest Size Flow of Break-Away Brokers
  • Continued Substantial Growth of Independent Advisors
  • Fee-Only Financial Advisors (RIAs) & Dually Registered Financial Advisors to Capture Over 100% of Net New Assets Under Management & Administration
  • Continued Consolidation of Independent Advisors (Including Substantial Growth in Private Equity Investments) & Medium-Term Potential for Independent Advisors Initial Public Offerings (IPOs)
  • Largest Fee-Based Financial Advisors (RIAs) to Build Nationwide Franchisees and Reach $1.0 Trillion of Assets Under Management by 2026
  • Growing Use of Exchange Traded Funds (ETFs), Separately Managed Accounts (SMAs), Alternative Investments, & Wealth Management Products
  • Increasing Shift to Utilization of Turnkey Asset Management Programs Driven by Leading Financial Advisor Aggregators
  • Modest Emergence of Independent Advisors Outside of the United States of America
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