How advisors can navigate explosive IBD growth and consolidation

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Over the last three years, the independent broker-dealer channel has seen the most consolidation in the wealth management industry. That's allowed the largest firms to control a significant amount of advisor headcount and industry assets, according to a new Cerulli report, "U.S. Broker/Dealer Marketplace 2025," released this week. 

Cerulli finds that the total number of IBDs has declined by more than one-third over the last 10 years, though the channel now claims nearly 20% of advisor headcount and 16% of total assets. The top five broker-dealers control 80% of all B-D channel assets. 

The research also found that advisors are especially attracted to independent firms — B-Ds and RIAs included — because of higher payouts, the ability to build financial value in their businesses and greater autonomy.

Below, we've gathered stories and resources that can help advisors interested in taking advantage of independence and better understanding the growth of independent channels.

An illustration showing people interacting with technology as part of an illustration for the IBD Elite series

The top IBDs in several categories

Each year, our IBD Elite series explores significant issues in the channel and ranks firms using a number of metrics. Below are a few of those lists to understand how firms stack up in the industry. And check out our 2024 story on the myths about the largest and smallest IBDs.

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A guide to broker pay in 2025

Brokerages compensate advisors using complex formulas that essentially increase pay based on the level of production. Already, Morgan Stanley UBS and Merrill have announced their changes for 2026. But below, find a guide to 2025 pay, and what advisors can expect at all production levels.

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Choosing advisor affiliations

When advisors go independent, they have a choice to go it as an RIA route, take the brokerage route or become a hybrid of both. We lay out the pros, cons and opportunities for all those choices.

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Signs of IBD consolidation

The biggest news in the broker-dealer consolidation space recently is the LPL Financial purchase of onetime rival Commonwealth Financial Network. That story, and others that illustrate the changing landscape, below.

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