Industry Insights: Industry Players by Advisor Headcount
When first starting out in the industry, you may be curious about which firms are the dominant players. Sure, you are probably familiar with the big names like Merrill Lynch and Wells Fargo, but quantifying their role – and impact – in the market is a bit different.
There are a variety of ways to measure market position, of course. Today we look at how firms stack up by advisor headcount.
Total advisor estimates vary rather widely. Cerulli Associates estimates there are around 300,000 financial advisors in the United States. Michael Kitces recently explained why this figure is likely overstated with a more meaningful figure around 80,000.
Regardless, below are a handful of the better-known firms and their respective advisor headcounts to provide a general lay of the land:
17,355 – Merrill Lynch.
16,109 – LPL Financial.
16,000 – Edward Jones.
15,712 – Morgan Stanley.
14,400 – Wells Fargo.
9,931 – Ameriprise.
9,000 – Mass Mutual.
7,800 – Raymond James.
7,500 – Charles Schwab.
6,822 – UBS.
5,507 – J.P. Morgan.
2,244 – Stifel.
1,800 – Waddell & Reed.
1,800 – RBC Wealth Management.
1,237 – Fisher Investments.
1,048 – Cetera Advisors.
922 – Vanguard Personal Advisor Services.
900 – XYPN Network.
592 – Edelman Financial Engines.
“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more. Whether you are comparing the rate of your career progression to your peers or helping clients avoid doing the same with their portfolios, how to cure FOMO [Article]: “FOMO is not new, although social media intensifies it. I remember the internet bull market and bubble from the late 90s and there was plenty of FOMO then too. And it sure sounds like JP Morgan had it in the 19th century and he was one of the richest men in the world. When you measure yourself by the standards of others, even a lot is not enough.“ The Cure For FOMO [Philip Pearlman, Prime Cuts] Negotiating a raise: “triggering events” and tactics [Video]: How To Ask For A Raise The Right Way [Caleb Brown, New Planner Recruiting] Messaging principles and tips for a high-converting homepage [Article]: “Your homepage is the most visited page on your website. So, it’s incredibly important that you are creating copy that draws in your audience and makes them want to stay on your website. In fact, the average visitor to your website spends less than 15 seconds on your site, so how exactly can you reel your visitors in for the long-haul?” How To Write Engaging Copy For Your Advisory Site’s Homepage [Blair Kelly, Twenty Over Ten] Best practices and mistakes to avoid when building relationships with media outlets [Podcast at 28:09-mark and Transcript]: “I have seen a lot… There are a couple of things. To me, mistake number one is not understanding what that media outlet’s focus is or their readership. What are they known for? I’ll give you an example, I actually conducted a bunch of interviews with many of the reporters and editors covering our industry and asked them a bunch of questions about their pet peeves, effective strategies, in addition to my own experience.“ Suzanne Siracuse On Building Relationships With The Media [Stephen Wershing & Julie Littlechild, Becoming Referrable] Penny Phillips’ framework for deciding what and how to implement conference takeaways [Video]: How To Implement After A Conference [Penny Phillips, Practice Management With Penny] Which piece of content did you like? Comment below! Follow me on social media for the latest updates:
“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more. Two pieces of content on the topic of empathy to kick off this week: Investopedia’s Caleb Silver hosts Gary Vaynerchuk and the two discuss when Gary realized the importance of empathy and how it has made him a better businessperson [Podcast at 26:30-mark]: “I had a lot of emotions and feelings – but they were my superpower. And I knew as I got older and older and older it became very clear to me how to harness it. I’m so proud of my compassion, empathy, sympathy, and feelings towards others.” The World According To Gary Vaynerchuk [Caleb Silver, Investopedia.com] Co-founder of ROL Advisor Mitch Anthony provides an “Empathy Report Card” for how to gauge what he believes is one of the most overlooked skills [Article]: “In a competitive society where self-promotion is as common as the air we breathe, we will have little distracting us when making this empathetic connection—once we recognize this sign on those we meet. These people are typically in corporate cultures that do little to affirm how important they are. Many carry doubts and insecurities about themselves. Anything you do to help people feel more significant will be welcome. The best thing you can do is to make a sincere inquiry.” The Sign Around Every Person’s Neck [Mitch Anthony, Financial Advisor] Chequers Financial Management founder and managing partner Megan Gorman on the process she went through to find her marketing “voice” and how she balances creating content with servicing clients [Podcast]: “I will tell you I felt I floundered for a long time. I still feel like I founder. I say that because I’m one of those extroverted introverts. When I’ve done all of the personality testing, I’m always right on the line. I like to be private. I don’t like to like just spout my opinions on Twitter. And so this was forcing me to do that, right? So, first of all, I’ve got that sort of conflict going on internally with me every time I hit tweet or every time I post something on Instagram or say something. But I think the other thing was, when I got out there, I realized there were a ton of voices out there. And they all have platforms whether they’re blogging or they’re writing for a publisher, YouTube, Twitter, or podcasts. And what I realized was in the beginning I was trying to play the same game as everybody else.” Chequers’ Megan Gorman On How RIAs Can Build A Brand And Voice [Mark Bruno, WealthManagement.com] Carl Richards shares a proven three-step formula for how to find your niche and pick up your first clients [Podcast]: “Here’s what will happen almost every time if you do it right. The way you write that paper is, at least the first paragraph or two or three, that’s the head-nodding paragraph. You want to nail the problem in their words. So, we used ‘chained from the chair’ and ‘the present value of your future earnings is your number one asset as a dentist despite that your spouse or partner might think that’s declining over time.” We used all of that language there and they just look up at you and say ‘Taylor, how did you know all this?’” Step-By-Step: A Proven (And Simple!) Content Marketing Formula Every Advisor Can Use [Taylor Schulte, Experiments In Advisor Marketing] Ron Carson on the importance of adding the “right” clients instead of giving into the temptation of always adding more clients [Article]: “If you don’t have that process and you see dollar signs and you work with people you otherwise wouldn’t really want to work with, what’s that do to your energy? What’s that do to the team?” [Carson] asked rhetorically. … West conceded that he used to because he “wanted the business.” Now he is focused on only the “right people,” he added. … West asked advisors in the audience if they had any clients whose phone calls they dreaded getting. “I don’t have any of those anymore,” he said. “And that’s a big, big difference.” Ron Carson: Why Adding The Right Clients Beats Adding More Clients [Jeff Berman, ThinkAdvisor] Which piece of content did you like? Comment below! Follow me on social media for the latest updates:
“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more. Founder and president of Wealth Consulting Partners Gavin Spitzner sits down with Ron Bullis for a wide-ranging interview including [Podcast and Video]: What areas new advisors can focus on to grow faster How he sees the industry changing over the next 5 to 10 years What it will take for financial planning to truly be considered a profession Gavin Spitzner | The Future Of Advice [Ron Bullis, Lifeworks] ICYMI: How to systematize “surprising and delighting” clients and become more referrable [Video]: How To Consistently “Surprise & Delight” Clients [Penny Phillips, Practice Management With Penny] A framework for developing your “elevator pitch” [Video] Keys To Crafting Your Perfect Elevator Pitch [Caleb Brown, New Planner Recruiting] Tips for avoiding professional burnout [Article]: “Facing a profession in a state of rapid change, financial advisors are already overburdening their emotions and intellect—but the pressures of Covid-19 have made things even more stressful. Some advisors are burning out, said Jennifer Tarsney, director of New York Life Investments’ Advisor Advancement Institute (AAI). … Before the pandemic, changing client demographics were one of the leading stressors for advisors, said Tarsney. ‘What burns out advisors in a normal scenario is the amount of client contact needed these days to keep clients happy,’ she said. …’Advisors, in general, are struggling to keep up with these new expectations.’” How You Can Prevent Advisor Burnout [Christopher Robbins, Financial Advisor] How to optimize your website’s primary and secondary calls-to-action [Article]: “A common sentiment from advisors is ‘I have a great website, but it just doesn’t produce any leads for our firm.’ While frustrating, this is not uncommon. In fact, 97% of all website visitors do NOT convert on the first visit? Of course, it makes sense that most people visiting your site for the very first time are not going to be ready to pull the trigger and book a meeting with you. Some are just checking you out, some might be entering via a blog post you wrote on a specific topic, and some might just not be in the place where they think they are ready to start a new relationship with an advisor yet. But wouldn’t it be nice if you could capture more of these visitors’ information, so you could continue to send them marketing emails and stay in front of them, so that when the time comes that they are ready to engage, you are the first firm they think of?“ How To Capture More Leads From Your Financial Advisor Website [Samantha Russell, WealthManagement.com] Which piece of content did you like? Comment below! Follow me on social media for the latest updates: