Tim Welsh, president and founder of Nexus Strategy, a consulting firm to the wealth management industry, provided AdvisorOne with several major trends he’s seeing in the RIA space.
“We’re seeing continued, and increasingly stronger, demand for access to independent advisors,” Welsh (left) said at the 2012 TechLeaders Broker-Dealer Technology Conference in Dallas on Tuesday. “Greg Smith’s letter about Goldman Sachs perfectly illustrates the continued fall of the wirehouses.”
Welsh described it as a “land rush” of vendors and product providers “looking to get in.”
“I receive at least four calls a month from venture capitalists and private equity firms with a $500 million to spend,” he says. “I say ‘you’ve got $490 million too much.’ Everything has already been bought up: Black Diamond, Prima Capital and Fortigent, for instance.”
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The other big trend involves product suppliers, Welsh adds.