Independent Reps (IBDs):
A Historically Fast Growing Market Now Facing Some Headwinds
Date Published: June 19, 2018
Summary PowerPoint Deck: 54 Slides
Reference PowerPoint Deck: 986 Slides
The purpose of this research is to provide readers with a comprehensive understanding of the independent reps market, which is a large & diverse market of over 90,000 series seven registered reps who own their own businesses and utilize independent broker/dealers & insurance company owned broker/dealers such as LPL Financial Holdings, Cetera Financial Group, Advisor Group, Raymond James Financial Services, Commonwealth Financial Network, & Ladenburg Thalmann. 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 broad market background explaining the difficulties in sizing the independent reps market, including:
This research addresses the historical phases of the independent reps market, including:
- Overlapping Definition with Insurance Agents
- Overlapping Definition with Fee-Based Financial Advisors (RIAs)
This research outlines the key segments of independent reps, including:
- Industry Emergence Phase
- Firm Restructurings Phase
- Industry Maturation Phase
- Headwinds Phase
This research outlines the key service providers to independent reps, including:
- Independent Broker/Dealer Reps
- Insurance Company Owned Independent Broker/Dealer Reps
And this research makes several future predictions for independent reps, including:
- Independent Broker/Dealers, Clearing Brokers, & Custodians
- Mutual Fund Companies & Other Product Companies
- Technology Companies, Turnkey Asset Management Programs (TAMPs), & Outsourcing Service Providers
- Moderate Industry Growth
- Continuing Shift to Managed Account Programs
- Growing Importance of Dually Registered Financial Advisors
- Continued Profitability Pressures
- Independent Broker/Dealers Shift to Look More Like Custodians
- Continued Independent Broker/Dealer Consolidation
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