The largest independent wealth management firms are tweaking their financial advisor fees, consolidating brokerages and real estate, and refining their platforms to close out the year.
In a half dozen announcements from Advisor Group, Ameriprise, Cetera Financial Group, Commonwealth Financial Network, LPL Financial and Raymond James from recent weeks, the firms displayed the latest phase of the industry’s primary trends over the past decade of record M&A transactions and growing advisory accounts. The industry is “still incredibly fragmented,” however, and brokerages are starting to compete with registered investment advisor consolidators by investing in financial advisors’ practices as well, consultant Jeff Nash of Bridgemark Strategies said in an interview. That means the consolidation is here to stay.
“2023 is going to be a tightening of belts, and so that’s the tightening of business models,” Nash said. “I still believe we’re in the second or third inning of a nine-inning game.”
To see a roundup of industry announcements regarding fees, corporate footprints, recruiting and asset management, scroll down the slideshow below. For a look at 23 people who will make an impact on wealth management in 2023, click here.
