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Independent Financial Planners on Par with Full Service Brokers
The number of mass affluent investors using an independent financial planner is roughly equivalent to the number using a full service broker.
A recent survey of 1,498 households with assets between $100,000 and $1,000,000 reveals that 22% use an independent financial planner as their advisor.
The number of mass affluent households using full service brokers is also 22%.
The number of households using registered investment advisors (RIA) is 6%--a decrease of 4% from the previous survey in October.
Source: Financial Planning
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