Consolidation in the brokerage industry continues to be a strong trend, as increasing complexity and an aging broker demographic combine to work against small, independent shops. On the other hand, independent brokers who invest in technology and still offer a personal touch are thriving.

When it comes to the employee benefits space, it's a seller's market for those looking to find a buyer for their brokerages, while analysts say the market is different for P&C brokerages, which are seeing less demand. Overall, many smaller firms are joining together to create a one-stop-shopping experience, with expertise in a range of areas.

Financial advisors are also seeing consolidation on a large scale. A recent article in Investment News, “2017 to be year of independent broker-dealer mergers,” notes 2016 “… saw transactions involving firms that house thousands of registered reps and financial advisers… The deals in 2016 ranged from the biggest names in the industry to more modest firms.”