Independent Reps:

A Historically Fast Growing Market Now Facing Some Headwinds, with the Leading Independent Broker/Dealers Evolving Quickly

Recently Released!!!
Date Published: December 6, 2023
Summary PowerPoint Deck: 225 Slides
Reference PowerPoint Deck: 1,323 Slides

The purpose of this research is to provide readers with a comprehensive understanding of the independent reps market, which is a large and diverse market of Series Seven registered reps who own their own businesses and utilize independent broker/dealers & insurance company owned broker/dealers such as LPL Financial Holdings, Ameriprise Financial Services, Raymond James Financial Services, Cetera Financial Group, Osaic Wealth, & Commonwealth Financial Network. Some independent reps are dually registered, having their own RIAs; those reps are referred to as dually registered financial advisors in this research and are likewise addressed in Tiburon's fee-based financial advisors (RIAs) research. This research is part of Tiburon's broader coverage of independent advisors.

This research begins with a context setting explaining the difficulties in sizing the independent reps market, including:
  • Overlapping Definition with Insurance Agents
  • Overlapping Definition with Fee-Based Financial Advisors (RIAs)
  • Sloppy Counting of Registered Assistants
This research addresses the historical phases of the independent reps market, including:
  • Industry Emergence Phase
  • Firm Restructurings Phase
  • Industry Maturation Phase
  • Headwinds Phase
This research outlines the key market segments of independent reps, including:
  • Independent Broker/Dealer Reps
  • Securities Registered Insurance Agents
This research outlines the key service providers to independent reps, including:
  • Independent Broker/Dealers
  • Open-End Mutual Fund Companies, Annuity Companies, & Other Product Companies
  • Technology Companies & Turnkey Asset Management Programs (TAMPs)
  • Clearing Brokers
And this research makes several future predictions for independent reps, including:
  • Moderate Growth of Independent Reps
  • Continuing Exit of Insurance Companies From Independent Broker/Dealer Market
  • Growing Importance of Dually Registered Financial Advisors
  • Continued Profitability Pressures on Independent Broker/Dealers and Evolution of Independent Broker/Dealers to Look More Like Producer Groups and/or Custodians
  • Continuing Late Shift to Managed Account Programs
  • Continual Challenges to Clearing Brokers Due to Focus on Managed Account Programs

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Tiburon suggests that Tiburon members start by downloading the well-organized summary PowerPoint presentation and/or waching the Tiburon Webinar. Tiburon's reference PowerPoint slides are useful for further analysis, although some slides will be incomplete. Tiburon Podcasts will be recorded in 2024-2025. Tiburon members who need a username & password to access Tiburon Written Research, Tiburon Webinars, and/or Tiburon Podcasts, can click here.

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