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The CEO of Pershing Advisor Solutions reflects on the state of the RIA business model. (Photo: Getty)

There are nearly 60,000 financial advisors working as part of independent RIA firms and hybrid RIAs, according to Cerulli Associates. That’s roughly double the level of participation about 10 years ago — with client assets at these firms growing nearly 9% per year during the past decade, as of year-end 2016.

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