Louis Diamond Quoted
Assets in the broker-dealer space have grown faster than in any other wealth management channel, according to recent Cerulli Associates data cited by InvestmentNews.
National and regional broker-dealer assets have grown 9.1% year-on-year, or about 1.9% faster than the rest of the industry, according to the report.
Wirehouse brokers unhappy about changes to their compensation, lack of control and increasing bureaucracy are heading to regional brokerages because these firms offer better options for monetizing their practice than going indie, Louis Diamond, vice president of Diamond Consultants, tells InvestmentNews. But he warns that regional brokerages are still behind wirehouses and the RIA channel in terms of technology.
