The only thing I'll add is that there are very useful classifications beyond how the regulators see it. That data are much harder to get, but very useful. For example, RIAs are a world unto themselves, but they can be reasonably segmented in a few different ways: subadvisors vs direct advisors, asset gatherers vs. asset managers, use open architecture vs. not.
The only thing I'll add is that there are very useful classifications beyond how the regulators see it. That data are much harder to get, but very useful. For example, RIAs are a world unto themselves, but they can be reasonably segmented in a few different ways: subadvisors vs direct advisors, asset gatherers vs. asset managers, use open architecture vs. not.