Summary: It has been over 20 years since we saw the true emergence of the breakaway movement — teams of advisors leaving large firms to go independent. By our accounts, the first wave of breakaways, or the early adopters, emerged in the late 1990s and early 2000s, leaving wirehouses to start their own businesses. This was a time of relatively fewer dedicated resources for teams breaking away –there were a few specialized lawyers, some consulting firms and, naturally, the custodians.
 The interesting thing about today’s breakaway landscape is that it is only the tip of the iceberg. What we’re seeing from today’s teams is foreshadowing what we should expect to see in the coming years – a very complex marketplace of independent models.”David Canter, Executive Vice President, Head of the Registered Investment Advisor Segment, Fidelity Clearing & Custody Solutions |
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