People Moves

Heavy Hitters Huddle In New York For Tiburon CEO Summit

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

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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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