RIAs and online brokers are winning the market-share game
Wirehouses will have to re-up retention bonuses or see mass migrations of top producers
Related Moves
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Alois Pirker sets up shop in Marblehead by taking a page from the RIAs he advises
The former Aite-Novarica consulting chief wants the latitude of Pirker Partners to take the gigs he wants and avoid corporate consulting economics -- namely selling reports.
January 21, 2023 at 5:03 AM
Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one
The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says
October 11, 2022 at 12:40 AM
See more related moves
TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
Diamond Consultants
Recruiter
Top Executive: Mindy Diamond
Aite Group
Consulting Firm
Top Executive: Frank Rizza
Mike Byrnes
Lisa, great information.
Thanks for publishing this article.
Mike Byrnes, President
Byrnes Consulting, LLC
http://byrnesconsulting.com/
http://twitter.com/ByrnesConsultin
Elmer Rich III
As marketers and business development specialists we support data- and evidence-based decision making as a key skill for successful firms. “We are easily convinced by data.”
Let’s unpack some of these numbers and ask some more questions. As a context, let’s remember that the population is growing, the older Boomer Investor population is growing and technology is increasing it’s use. So these external trends are occurring independent of any relative market share changes.
Let us ask some question for perspective:
<ul> <li> “The percentage of commission-only advisors fell 40% between late 2009 and early 2011.” — Isn’t this likely to be due to B/Ds and brokers adopting more fee-based practices and no realy dramatic change in the market?</li> </ul> <ul> <li> “As investors threw the assets into self-directed online platforms, the market segment grew by nearly 20% in 2010.” On a relative or absolute basis?</li> </ul> <ul> <li> “Seventy percent of the conversations I have with top advisors they tell me that if they wanted more of the same, they’d stay where they are and wouldn’t go to another wirehouse,” This is predictable for someone offering search services and may, or may not, indicate a trend.</li> </ul>It is always best to look behind the numbers in all surveys and data reports. Anecdotal evidence and personal experience are very limited sources of information and basis for decision making — as we tell clients about their investment behaviors all the time.
Jim Starcev
Just a minor note. I am assuming the “industry’s $13.5 billion …” really should be trillion.
Nevin Freeman
Thanks Jim! Fixed.
