The rankings of third-party marketers didn’t change much from last year. Rather, the big story was that this industry, which has seen so much change over the last decade or so, appears to be reaching maturity (or at least late adolescence.)

And that has major implications on future growth. Instead of finding dozens or hundreds of new banks to sign up, most new growth will come from existing programs simply hiring more advisors, or prospecting for more assets to manage from existing clients, says Ken Kehrer, founder and principal at research firm Kehrer Saltzman & Associates.

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