Fuse Blog

Increased Coverage of Independent Broker/Dealer Channel

  • Based on a recent survey for our forthcoming 2023 National Accounts BenchMark study, the Independent Broker/Dealer (IBD) channel is expected to see the largest increase in coverage, according to surveyed National Accounts executives. More than one-third of asset managers (36%) are planning to increase their coverage of IBDs over the next 12 months, followed closely by RIA Aggregators (30%), Private Banks (29%), and TAMPs (28%).
  • While National Accounts teams still invest the largest amount of time on the Wirehouse channel, only 17% of managers plan to increase coverage in this channel and 14% actually plan to decrease coverage. This is the third year in a row that the Wirehouse channel finished second to last for changes in channel coverage.
  • National Accounts teams are not planning to make as many changes to their channel coverage compared to 2022, suggesting that they are generally content with their current coverage structure. Across all channels, 72% of asset managers expect their coverage to stay the same over the next year, compared to a 61% average in 2022.

Expected Change in Coverage by Channel

6.22.23 Blog
Source: FUSE National Accounts Survey, 2023