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Over the last three years, the independent broker-dealer channel has seen the most consolidation in the wealth management industry. That’s allowed the largest firms to control a significant amount of advisor headcount and industry assets, according to a new Cerulli report, “U.S. Broker/Dealer Marketplace 2025,” released this week.
Cerulli finds that the total number of IBDs has declined by more than one-third over the last 10 years, though the channel now claims nearly 20% of advisor headcount and 16% of total assets. The top 25 broker-dealers control 80% of all B-D channel assets.
The research also found that advisors are especially attracted to independent firms — B-Ds and RIAs included — because of higher payouts, the ability to build financial value in their businesses and greater autonomy.
Below, we’ve gathered stories and resources that can help advisors interested in taking advantage of independence and better understanding the growth of independent channels.
