Wealth Management Markets & Distribution Channels:
Full-Service Brokerage Firms; Discount & Online Brokerage Firms; and Independent Advisors
Recently Released!!!
Date Published: October 16, 2025
Summary PowerPoint Deck: 637 Slides
Reference PowerPoint Deck: 1,725 Slides
The purpose of this research is to provide readers with a comprehensive overview of wealth management markets & distribution channels, including full-service brokerage firms, discount & online brokerage firms, and independent advisors. This research highlights the key findings of each of these underlying Tiburon research topics and draws cross-channel comparisons. This research includes special coverage of firms with multiple affiliation models (e.g., Ameriprise Financial; FMR (Fidelity Investments); LPL Financial Holdings; Raymond James Financial; The Bank of New York Mellon Corporation (Pershing); and Wells Fargo & Company). This research also addresses movement across channels, referred to as Financial Advisor Recruiting & Break-Away Brokers (BABs). Other Tiburon research topics address the institutional and international (non-United States) channels.
This research addresses the key historical phases of wealth management markets & distribution channels, including:
Date Published: October 16, 2025
Summary PowerPoint Deck: 637 Slides
Reference PowerPoint Deck: 1,725 Slides
The purpose of this research is to provide readers with a comprehensive overview of wealth management markets & distribution channels, including full-service brokerage firms, discount & online brokerage firms, and independent advisors. This research highlights the key findings of each of these underlying Tiburon research topics and draws cross-channel comparisons. This research includes special coverage of firms with multiple affiliation models (e.g., Ameriprise Financial; FMR (Fidelity Investments); LPL Financial Holdings; Raymond James Financial; The Bank of New York Mellon Corporation (Pershing); and Wells Fargo & Company). This research also addresses movement across channels, referred to as Financial Advisor Recruiting & Break-Away Brokers (BABs). Other Tiburon research topics address the institutional and international (non-United States) channels.
This research addresses the key historical phases of wealth management markets & distribution channels, including:
- Retail Banks Dominance Phase
- Full-Service Brokerage Firms Emergence Phase
- Discount Brokerage Firms Emergence Phase
- Independent Advisors Emergence Phase
- Financial Advisor Aggregators and Robo Advisors & Hybrid Digital Advice Providers Emergence Phase
- Full-Service Brokerage Firms
- Wirehouses
- Other National Brokerage Firms
- Regional Brokerage Firms
- Discount & Online Brokerage Firms
- Discount Brokerage Firms
- Online Brokerage Firms
- Independent Advisors
- Independent Reps (Traditional)
- Dually Registered Financial Advisors (RIAs)
- Fee-Only Financial Advisors (RIAs)
- Number of Financial Advisors to Stagnate But Assets Under Management & Administration to Grow Substantially
- Continued Substantial Financial Advisor Recruiting Market with Steady Flow of Break-Away Brokers
- Convergence of Traditional Wealth Management Firms Business Models
- Discount & Online Brokerage Firms and Fee-Based Financial Advisors (RIAs) to Continue to Gain Market Share
- Continuing Dominance of the Big Four Wealth Management Firms
- Continuing Wealth Management Firms Venture Capital Investments, Emphasizing Robo Advisors & Hybrid Digital Advice Providers
- Continuing Rapid Growth in Number of Wealth Management Firms Mergers & Acquisitions Transactions
- Mid-Term Emergence of Wealth Management Firms Initial Public Offerings (IPOs)
Tiburon Member Access:
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:
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:
