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Advisor Channels Converge at FSIs Annual Conference [Video]

There’s long been a bifurcation in the wealth management industry of commission-based brokers versus fee-only registered investment advisors and independent contractors versus employees. But as models are converging in the independent broker/dealer world, those lines are blurring.

Speaking at the Financial Services Institute’s OneVoice 2023 conference this week in Palm Desert, Calif. Larry Roth, managing partner at RLR Strategic Partners and executive chairman of Binah Capital Group, the firm that will be created from the merger between SPAC Kingswood Acquisition Corp. and Wentworth, said he has heard from a lot of firms that had a strong bias toward one business model or another but are now starting to offer all kinds of affiliations, such as hybrid or RIA-only units.

That’s in line with where advisor movement is going. According to Cerulli Associates data cited at the conference, nearly 10% of financial advisors were projected to move in 2022, about 10,000 of which were looking to …

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