For decades, advisors were told the same story: If you want the tools, the technology, and the brand recognition to serve high-net-worth clients at scale, you need the resources of a big wirehouse behind you. They were told that independence may sound nice in theory, but what it really means is inheriting a bunch of logistical burdens — keeping you away from the actual work of advising.
That story isn’t true anymore. And more and more, advisors are starting to realize it.
The Myth Advisors Are Leaving Behind
The wirehouse model was built on a simple trade: You give up ownership of your book, your autonomy, and a meaningful chunk of your revenue, and in exchange, you get technology and compliance infrastructure. For a long time, advisors didn’t have much of a choice. Their only other option was to start their own RIA and build everything from scratch.
That gap has closed. Modern RIA platforms now provide the same caliber of technology, investment solutions, and compliance oversight that large institutions offer — but without requiring advisors to hand over ownership of their business or their client relationships to get it. At Integrated, our advisors own 100% of their book. Our job is to help them build their own enterprise value.
The Data Behind Independence
According to research from Cerulli Associates, nearly one-third of independent broker-dealer (IBD) advisors have considered opening their own RIA in the past 12 months. Cerulli points to a familiar set of drivers: higher payout, the ability to build enterprise value in an independent business, greater autonomy, and the freedom to build a business with no strings attached.
That interest is showing up in growth numbers, too. According to Cerulli, the number of independent RIA firms has grown at a compound annual growth rate of 2.4% over the past decade, while the number of advisors operating at independent RIAs has grown even faster — a 5.2% CAGR over the same period. Advisors aren’t leaving wirehouses because independence is trendy — they’re leaving because the economics and the day-to-day experience of running a business genuinely work better for them.
The Motivation for Independence Goes Beyond Payout
There’s no denying that payouts are a big motivation for independence. Wirehouse payout grids typically cap out somewhere in the 40–55% range. Independent models flip that structure: advisors retain a large majority of their revenue, covering their own operating costs directly rather than surrendering a fixed percentage off the top.
The difference is fundamental. In a wirehouse system, the firm captures much of the upside when an advisor grows their business. In an independent structure, that growth belongs to the advisor.
But payout is only half the equation. A higher percentage doesn’t count for much if the tradeoff means spending all your time drowning in compliance filings or troubleshooting a tech stack on your own. An RIA platform exists specifically to close that gap. Under an RIA platform structure, advisors can expect:
- A dedicated compliance team handling the regulatory infrastructure that used to require an entire back office
- Access to institutional-grade technology for reporting, billing, and client service that rivals the wirehouse offering
- Operational support so advisors can spend their time with clients and growing their business
Independence with a True Partner
Advisors used to think that they could either have the resources of a big institution or the freedom of independence. Today there’s no more trade-off. Advisors can build genuine enterprise value, keep meaningful control over how they run their practice and serve their clients, and still have institutional-caliber technology and compliance support behind them.
For advisors weighing a move away from a captive firm, the question to ask isn’t “Is independence right for me?” but “Do I have the right partner who’s invested in my success?” At Integrated, we are proud to work with entrepreneurial advisors to help them grow their business, their way.
Send our team a message today to learn more about how we can support your independent practice.