Financial advisors are turning their backs on traditional wirehouses, bank brokerages and independent broker-dealers at rapid pace, according to a new report from Charles Schwab, opting instead for a hybrid model that allows them to serve as both an RIA advisor and a registered rep and expand their pool of potential clients.
In its latest Schwab Market Knowledge Tools report released last week, the mother ship for more than 6,000 independent RIAs reports that headcount at firms with dual-registered advisors is expected to increase from 4.2% in 2009 to more than 7.7% by 2014 while advisors working at RIA-only shops will grow from 5.9% to 10.1% over this same period.
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