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Financial Institutions Research Series

The Independent Reps & Independent Broker/Dealers Market: The 21st Century Model?

(Table of Contents)

December 2011

TABLE OF CONTENTS Evolution of the Independent Reps & Independent Broker/Dealer Business Key Driving Factors.................................................................................................

Emergence of Break-Away Brokers .......................................................................

Market History.........................................................................................................

Industry Emergence............................................................................................... Rapid Industry Consolidation ................................................................................. Firm Restructurings ............................................................................................... Industry Maturation, Failures, & Resurgence of Acquisitions .................................

Market Definition .....................................................................................................

Independent Broker/Dealer Sales Reps................................................................. Hybrid Reps...........................................................................................................

Market Growth ........................................................................................................

Independent Broker/Dealer Firms .......................................................................... Independent Broker/Dealer Offices........................................................................ Independent Broker/Dealer Reps........................................................................... Independent Broker/Dealer Producing Reps.......................................................... Independent Broker/Dealer Reps Producing > $100,000 ....................................... Independent Broker/Dealer Clients ........................................................................ Independent Broker/Dealer Accounts .................................................................... Independent Broker/Dealer Assets Under Administration ...................................... Independent Broker/Dealer Assets Under Management ........................................ Independent Broker/Dealer Revenues ................................................................... Independent Broker/Dealer Net Profits ..................................................................

Key Issues ..............................................................................................................

Serving Lower-End Clients .................................................................................... Importance of IRA Rollovers .................................................................................. Non-Proprietary Products & Full Range of Investment Choices ............................. Need to Transition to Fee-Accounts....................................................................... Lack of Marketing .................................................................................................. Technology Gap Narrowed, But Poor Use of Technology ...................................... Lack of Business Skills .......................................................................................... Need for Succession Plans....................................................................................

Leading Independent Broker/Dealers .....................................................................

Independent Broker/Dealers by Offices ................................................................. Independent Broker/Dealers by Reps .................................................................... Independent Broker/Dealers by Producing Reps ................................................... Independent Broker/Dealers by Reps Producing > $100,000................................. Independent Broker/Dealers by Clients.................................................................. Independent Broker/Dealers by Assets Under Administration................................ Independent Broker/Dealers by Accounts.............................................................. Independent Broker/Dealers by Assets Under Management.................................. Independent Broker/Dealers by Revenues ............................................................ Independent Broker/Dealers by Net Profits............................................................

Market Segmentation Independent Broker/Dealer Sales Reps..................................................................

Market Definition.................................................................................................... Firms with Greater than 5,000 Reps...........................................................

11.12.22 ­ Independent Reps Tiburon Strategic Advisors, LLCTM

Firms with Between 1,000-5,000 Reps....................................................... Firms with Less than 1,000 Reps ............................................................... Market Growth ....................................................................................................... Independent Broker/Dealer Firms .............................................................. Independent Broker/Dealer Offices ............................................................ Independent Broker/Dealer Reps ............................................................... Independent Broker/Dealer Producing Reps .............................................. Independent Broker/Dealer Reps Producing > $100,000 ........................... Independent Broker/Dealer Clients............................................................. Independent Broker/Dealer Accounts......................................................... Independent Broker/Dealer Assets Under Administration........................... Independent Broker/Dealer Assets Under Management............................. Independent Broker/Dealer Revenues ....................................................... Independent Broker/Dealer Net Profits....................................................... Market Segmentation............................................................................................. Firms with Greater than 5,000 Reps........................................................... Firms with Between 1,000-5,000 Reps....................................................... Firms with Less than 1,000 Reps ...............................................................

Hybrid Reps ............................................................................................................

Market Definition.................................................................................................... Firms with Greater than 5,000 Reps........................................................... Firms with Between 1,000-5,000 Reps....................................................... Firms with Less than 1,000 Reps ............................................................... Market Growth ....................................................................................................... Independent Broker/Dealer Firms .............................................................. Independent Broker/Dealer Offices ............................................................ Independent Broker/Dealer Reps ............................................................... Independent Broker/Dealer Producing Reps .............................................. Independent Broker/Dealer Reps Producing > $100,000 ........................... Independent Broker/Dealer Clients............................................................. Independent Broker/Dealer Accounts......................................................... Independent Broker/Dealer Assets Under Administration........................... Independent Broker/Dealer Assets Under Management............................. Independent Broker/Dealer Revenues ....................................................... Independent Broker/Dealer Net Profits....................................................... Market Segmentation............................................................................................. Firms with Greater than 5,000 Reps........................................................... Firms with Between 1,000-5,000 Reps....................................................... Firms with Less than 1,000 Reps ...............................................................

Key Service Providers To Independent Reps Independent Broker/Dealers, Custodians, & Clearing Brokers ...............................

Independent Broker/Dealers .................................................................................. Custodians ............................................................................................................ Clearing Brokers....................................................................................................

Mutual Fund Companies & Other Traditional Product Companies .........................

Mutual Fund Companies........................................................................................ Other Traditional Product Companies ....................................................................

Fee-Accounts, TAMPs, & Separate Account Managers .........................................

Fee-Accounts ........................................................................................................ Turnkey Asset Management Programs (TAMPs) ...................................................

11.12.22 ­ Independent Reps Tiburon Strategic Advisors, LLCTM

Separate Account Managers .................................................................................

Exchange Traded Funds, Hedge Funds, & Other Investment Product Companies

Exchange Traded Funds........................................................................................ Hedge Funds ......................................................................................................... Other Investment Product Companies ...................................................................

Wealth Management & Family Office Service Product Companies ........................

Wealth Management Service Product Companies ................................................. Family Office Service Product Companies.............................................................

Technology Companies & Other Key Vendors to Independent Reps .....................

Technology Companies .........................................................................................

Other Key Vendors to Independent Reps .................................................... Future Predictions for the Independent Reps & Independent Broker/Dealers Business Rapid Industry Growth & Shift to Hybrids................................................................ Recruiting War, Continued Profitability Pressures, Payout Rate Pressures, Value Added Playing Field, & Continued Consolidation....................................................

Recruiting War....................................................................................................... Continued Profitability Pressures ........................................................................... Payout Rate Pressures.......................................................................................... Value Added Playing Field..................................................................................... Continued Consolidation........................................................................................

A Revolution Predicted: Wirehouse Entrants ..........................................................

11.12.22 ­ Independent Reps

Tiburon Strategic Advisors, LLCTM

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