Insurance professionals like IBD channelPosted by RJ and Makay on Apr 13, 2012 |
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Almost half (48%) of life insurance professionals, if deciding to switch to another channel, would chose to become independent broker-dealers, according to new research by Cerulli Associates. 24% of insurance advisors showed a preference to remain non-independent. The dually-registered advisor channel was the preference among 12% of advisors, and the RIA channel was the switch of choice among 11% of advisors.
More than three-quarters (76%) of financial advisors who made the move to an independent business model say they are financially better off, and 64% said they were in a better financial condition within six months of their move, according to the Fidelity Insights on Independence Study released today by Fidelity Investments. The study surveyed 173 advisors who opted for independence at an independent broker-dealer (IBD) or registered investment advisor (RIA) within the past five years.
Even as average assets under management (AUM) per advisor have been rising, wirehouses have lost headcount and asset share, according to a new Cerulli Associates report. For asset managers, there will be more assets managed by a lesser number of advisors, leading to greater wholesaler focus on top producers, according to the report.
