Part I: Is the era of the monolithic RIA custodian coming to an end?
RIAs, small custodians, co-ops, study groups, roll-ups, TAMPs, compliance shops, OSJ and IBDs are all chipping away at much of what fit under the roofs of Schwab, Fidelity, TD and Pershing
Brian Lauzon
Very well-written article. These macro trends (maturation, margin pressure, new/innovative industry participants, changing roles) are changing the landscape for RIAs.
IMO, for RIA firms, these changes all point to:
1) Higher “costs of doing business”;
2) Heightened importance of scale; and
3) An increased need for dedicated management talent so they can compete and grow profitably.
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