Sales & Marketing | 10.21.26

Among $5B+ RIAs, Fee-only Firms Lose Market Share to Hybrid Peers

by: Tobias Salinger

Large fee-only registered investment advisors (RIAs) are losing market share to hybrid and insurance-licensed competitors, according to research by Cerulli Associates. Over five years, fee-only firms’ share of assets among large RIAs fell to 34%, while insurance-licensed firms’ share doubled to 14%. The number of RIAs managing at least $5 billion in assets increased 77% to 343 firms. Clients with $1.5 million in assets pay average annual fees of 1.47%, including advisory and investment product costs. Researchers highlight widespread confusion about fees and compensation. Investors receiving fiduciary advice report greater satisfaction, reinforcing calls for transparency and client-first financial planning.

Read the full article on Financial Planning