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The registered investment advisor channel is seeing growth thanks in part to the movement of advisors from the broker-dealer channel, who are looking for more autonomy as well as what they see as economic advantages in the RIA model.
According to the latest edition of The Cerulli Edge—U.S. Asset and Wealth Management Edition, Cerulli says that 43 percent of those IDBs who prefer the RIA model say that payout is higher, while 35 percent cite greater flexibility in marketing as their reason to consider moving to the RIA channel.
Senior analyst Marina Shtyrkov is quoted in the report saying, "The desire for independence is particularly pronounced among national and regional B/Ds, many of which may display a stronger entrepreneurial drive compared to their wirehouse peers. Perhaps given the advisor-centric cultures at some of the largest national and regional B/Ds, these advisors feel more comfortable fully embracing independence."
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
