By Tim Kehrer, Kehrer Bielan Research and Consulting
Bouncing back from a disappointing 2016, the largest third-party broker dealers (aka “TPMs”) that support investment services in financial institutions grew revenue 3.5 percent last year, according to the 13th annual Kehrer Bielan TPM Report
, released this month. The was spurred by a 10 percent increase in advisor headcount while the number of banks and credit unions served fell slightly.
Sales of transactional products were down sharply, and advisory fees jumped 20 percent, continuing a long-run trend. Life insurance sales were essentially flat.
The eight third-party broker/dealers covered by the survey partner work with 2,261 banks and credit unions and supervise 6,317 financial advisors.