Nally said that over the next decade TD Ameritrade expects the RIA channel to continue to grow at the expense of traditional wirehouses, projecting a more than 2% increase in market share for RIAs and a nearly 4% decline in market share for wirehouses.

That shift makes the RIA channel the focal point of innovation and growth for the greater wealth management industry, according to Nally.

“There’s so much capital flowing into the space, whether in the form of private equity or fintech innovation,” said Nally. “So many people are now following the RIA business, and they’re looking at it as the future of wealth management.”

The 2020 Break Away to Independence Survey was fielded in October and Novemebr 2019 among 349 independent RIAs and 100 brokers who said that they might go independent within the next two to three years.

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