It's hard to know exactly when it's coming, but every rally takes a pause. As we put the finishing touches on last year's FP50 issue, I wrote in this column that "the law of large numbers doesn't seem to apply" to the growth of the nation's independent broker-dealers. This year, in our 28th annual ranking, it seems the B-D rally has taken a pause.
A pause from aggressive growth, that is - the industry is still growing. Median revenue growth for the FP50 clocked in at 4.7%, which seems a lot more sustainable than the China-like B-D revenue growth rate of 11.9% the year before (and 13.2% the year before that). The secular trends driving industry growth remain in place, so the most compelling angle is who will likely be the biggest winners in the year ahead and the years to come.
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