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Summary: Fourteen thousand advisors fell by the wayside from 2009 to 2010 but dually registered advisors and RIAs have bucked that trend, gaining strength in numbers, analysts with Cerulli Associates say in a new study. In that time period, the number of advisors dropped from 334,160 to 320,378 – a loss of 4.1%, according to the Boston-based company its annual Advisor Market Sizing analysis. Dually registered advisors grew a whopping 10.2% from 11,591 to 12,773.
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Summary: All advisors should have a continuity agreement, even if they do not have a final succession plan in place. Every year, we hear of advisors who die unexpectedly. Untimely deaths without a contingency plan translate to a distressed sale price for family left behind. The clients too are left without a critical service. The initial plan does not have to be perfect.
Added on October 2011 in Join an RIA
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Summary: TD Ameritrade attracted a record 348 breakaway brokers in 2011, up nearly 20 percent from the previous fiscal year.
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Summary: According to a survey conducted by TD Ameritrade Institutional, more independent registered investment advisors (RIAs) are making the move to develop a formal succession plan and most say they will identify an internal successor. According to the quarterly survey of 502 RIAs, 62 percent of advisors say they have or are in the process of developing a succession plan, up from just 43 percent in2010.
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Summary: For many, 2011 will be remembered as the year the broker-dealer model cracked. Scores of independent firms shut down, unable to keep up with rising legal and compliance expenses. Dozens were simply buried under the cost of lawsuits from clients who bought suspect private investments when the market was roaring in the middle of the last decade.
