Independent Reps (IBDs):
A Historically Fast Growing Market Now Facing Some Headwinds
Date Published: June 10, 2019
Summary PowerPoint Deck: 84 Slides
Reference PowerPoint Deck: 999 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
Tiburon CEO Summit Sponsors, Tiburon Members, and individual research subscribers may click on any of the icons below to access any part of this research. The most widely utilized parts are the Key Findings (think factoids), Podcast Presentation, and Summary PowerPoint deck.
Please click on the Table of Contents icon below to see more details of this research.
Members of the media who would like further access to the components of this research may click on the icon below or send an email to Sarah Sage.
Tiburon Research Subscriptions
If you are having difficulties subscribing to Tiburon research online please contact Sarah Sage at
SSage@TiburonAdvisors.Com or 415-789-2540.