Independent and hybrid RIAs continue to widen their foothold in wealth management, growing assets at annualized rates of 10.9% and 12.2%, respectively, over the past decade, according to the latest Cerulli Edge—The Americas Asset and Wealth Management Edition from Cerulli Associates. Combined, the channels increased their share of total industry assets from 21% in 2014 to 27% in 2024—an expansion of nearly seven percentage points. 

The momentum has been fueled largely by advisor migration away from traditional retail wealth channels in pursuit of greater autonomy, improved economics tied to firm ownership, and higher payout structures. 

Stephen Caruso, associate director at Cerulli, noted that advisor sentiment increasingly favors independence. Roughly 71% of advisors say they would choose the independent channel if making a move, while retention within the channel remains strong: 88% of independent RIAs report they are very likely to stay with their current firm over the next year. Among those who would consider switching, nearly all would remain within the independent model rather than return to a traditional platform. 

With advisor movement accelerating—Cerulli projects nearly 9% of advisors representing $3.1 trillion in assets could change firms in 2025—the competitive battleground is shifting toward infrastructure, technology, and long-term enterprise value.