People Moves

Heavy Hitters Huddle In New York For Tiburon CEO Summit

Charles Paikert Contributing Editor in New York City April 18, 2012

Heavy Hitters Huddle In New York For Tiburon CEO Summit

He also noted that wirehouses and regional broker-dealers still have the biggest market share of industry assets under administration by far, controlling 58 per cent of those assets, compared with 35 per cent for independent advisors and 8 per cent for banks and insurance companies.

And, he pointed out, many of the so-called “break-aways” in fact got fired for under-performing, and a mere 4 per cent of  break-away brokers control half of the departing assets.

The future of break-aways will also be determined  by whether one or more of the major brokerage firms establish a “half-way house” and become a custodian for brokers who are tired of the mother ship but don’t want the hassle of running their own business, Roame said.

Self-serve “revolution”

Roame warned his audience to heed what he felt would be gale-force winds blowing in from what he called the “self-serve revolution.”

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