Recently Released!!!
Date Published: December 14, 2022
Summary PowerPoint Deck: 166 Slides
Reference PowerPoint Deck: 1,304 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 over 119,000 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, Advisor Group, & 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 Life & Health 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 for 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