Independent Reps:
A Historically Fast Growing Market Now Facing Some Headwinds, with the Leading Independent Broker/Dealers Evolving Quickly
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Date Published: June 10, 2024
Summary PowerPoint Deck: 224 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:
Date Published: June 10, 2024
Summary PowerPoint Deck: 224 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
- Industry Emergence Phase
- Firm Restructurings Phase
- Industry Maturation Phase
- Headwinds Phase
- Independent Broker/Dealer Reps
- Securities Registered Insurance Agents
- Independent Broker/Dealers
- Open-End Mutual Fund Companies, Annuity Companies, & Other Product Companies
- Technology Companies & Turnkey Asset Management Programs (TAMPs)
- Clearing Brokers
- 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 members can download the summary or reference PowerPoint presentation, view the most recent Tiburon Webinar featuring Tiburon's Managing Partner (or another Tiburon team member), and/or listen to the most recent Tiburon podcast featuring Tiburon member CEO guests by clicking on the buttons below:
Non-Tiburon Members:
Non-Tiburon members can either become Tiburon members or subscribe to this specific Tiburon Research by clicking on one of the buttons below:
Media Members:
Members of the media who would like access to this Tiburon Written Research, Tiburon Webinar, and/or Tiburon Podcast should send an email to Sarah Sage using the button below:
