Is the Era of the Monolithic RIA Custodian Coming to an End?

What a difference a few years make.When RIABiz began publication in 2009, the RIA business was still in its waning epoch of being a somewhat bizarrely bifurcated business.

First there were the 28,000 firm state- or SEC-registered mom-and-pops who made up the then $2 trillion — now $3 trillion — of retail assets managed in this format for mostly high-net-worth investors.

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