The Independent Reps & Independent Broker/Dealers Market:
The 21st Century Model?

Recently Released!!!
Date Published: November 2011
1,393 Slides

The purpose of this research is to provide readers with an initial understanding of the independent reps & independent broker/dealers market, which is a booming market of over 90,000 series seven registered reps who own their own businesses and utilize independent broker/dealers such as LPL Financial, Raymond James, Securities America, & Commonwealth Financial Network. A parallel research topic published by Tiburon, called A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Independent Reps, provides extensive bottom up analysis of the specific actions of independent reps. This research provides a top down view of the market. Some independent reps are dually registered, having their own RIAs; those reps are referred to as hybrid reps in this research and are likewise addressed in Tiburon’s fee-based financial advisor (RIAs) research.

This research addresses the four historical phases of the independent reps & independent broker/dealers market, including: 
  • Industry Emergence Phase
  • Rapid Industry Consolidation Phase
  • Firm Restructurings Phase
  • Industry Maturation, Failures, & Resurgence of Acquisitions Phase

    This research outlines the key service providers to independent reps :

    • Independent Broker/Dealers, Custodians, & Clearing Brokers
    • Mutual Fund Companies & Other Traditional Product Companies
    • Fee-Accounts, TAMPs, & Separate Account Managers
    • Exchange Traded Funds, Hedge Funds, & Other Investment Product Companies
    • Wealth Management & Family Office Service Product Companies
    • Technology Companies & Other Key Vendors to Independent Reps

And this research makes four future predictions for the independent broker/dealer business, including: 

  • Further of LPL Financial’s Distancing Itself from the Pack
  • Rapid Industry Growth with Growing Importance of Hybrid Advisors
  • Recruiting War, Continued Profitability Pressures, Payout Rate Pressures, Value Added Playing Field, & Continued Consolidation
  • A Revolution Predicted: Wirehouse Entrants

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