10.08.25

IBDs Adding Advised Assets Faster Than RIAs, Wirehouses

by: Nate DiCamillo

Independent broker-dealers (IBDs) have outpaced registered investment advisors (RIAs) and wirehouses in advised asset growth over the past decade, according to Cerulli Associates. From 2014 to 2024, IBDs increased advisor-managed assets by 21%, compared to 16.4% for RIAs and 13.4% for captive broker-dealers. This growth has been accompanied by major consolidation: the top 25 IBDs now control over 80% of the channel's assets. Firms like LPL, Cetera and Osaic have made major acquisitions, boosting average advisor assets under management. IBDs are also embracing unified managed accounts and alternatives to attract larger clients and asset managers, with many advisors outsourcing investment management.

Read the full article on Financial Advisor IQ