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美国投顾行业发展历程及业务模式梳理 相关研究：1.2024.3.18 行业评级：增持%1 3 12-6-7 6-4-1-6 300 分析师：张智珑 证 书 编 号：S0500521120002 Tel(8621)50295363 Email 88 10 1970 DC IRA 2000 2000-2008 CAGR 7%2000 69%2008 commission-based+fee-based fee-only commission-based fee-based AUM dually registered advisor fee-only AUM RIAs RIA RIA RIA RIA RIA 2022 50 RIA 88%12%RIA 90%-30%-20%-10%0%10%20%2023/3/24 2023/6/24 2023/9/24 2023/12/24 2024/3/24 300)证 券研 究报告 2024 年 03 月26 日 湘 财证 券研究 所 行 业研 究 证券 行 业深度 RIAs AUM 2023 39%1ZBYvMmRmPqRqOoNnQtMqR7NdN9PmOqQtRqMjMmMtQfQsQzR7NpPzRvPnOnQvPtOpR 1 正文目录 1.3 1.1.3 1.2.10 1.3 RIAs.11 2.15 2.1.16 2.2.18 2.3 RIAs.21 3.23 4.23 图表目录 1.4 2.4 3.5 4.6 5 dc.6 6 IRA.7 7 DC.7 8 IRA.7 9.7 10 SEC.8 11 SEC.8 12.9 13.9 14.10 15.10 16 SEC 2020-2022.13 17 SEC.14 18 SEC RIA AUM.14 19 RIA.15 20 RIA.15 21.15 22.15 23.17 24 2000-2023.17 25 2000-2023.18 26 2000-2023 ROE%.18 27.19 2 28.19 29.19 30.20 31.20 32%.20 33%.21 34 AUM.22 35.22 36.22 37.22 1.11 2.12 jApjvZhtSXvp9etTCwPamrzkDSe1RnSOm2svFrHBRVl660TtqmgLM10fhmTivv68 3 1 1.1 1930-1940 1970-1990 1990-2008 2008 1.1.1 1930-1940 1929 9“”1933-1933 1934 1940“”1.1.2 1970-1990 1970 1986“Q”1971“Q”70 4 1 1975 1934 SEC 1975 50%2016 12%2 SEC-20%0%20%40%60%80%100%120%140%160%0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,0001,800,0002,000,000:QoQ0%10%20%30%40%50%60%010,00020,00030,00040,00050,00060,00019701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016 5 1975 Vanguard 1977 AUM 1974 IRA 1978 401K 401 K DC DC IRA 2023 63%401K DC 70%3 6 DC IRA DB IRA 401K 1974-1990 CAGR 15.9%1970 1.5%30%2000 7.4%36%1974 1974-1990 10%1970 21%401K IRA DB 4 ICI 5 DC ICI 05,00010,00015,00020,00025,00030,00035,00040,00045,0001974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022:DC:DB:DB:DB:1974-1990 CAGR 15.9%0%10%20%30%40%50%60%70%80%90%100%DC:401(k)DC:403(b)DC:457 DC:TSP DC:DC 7 6 IRA ICI 7 DC ICI 8 IRA ICI 9 BEA 0%10%20%30%40%50%60%70%80%90%100%:IRA:IRA:IRA:SEP and SAR-SEP:IRA:0%10%20%30%40%50%60%70%80%90%100%19921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023 0%10%20%30%40%50%60%70%80%90%100%1990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023 0%5%10%15%20%25%30%35%40%45%8 1.1.3 1990-2008 1995 1999 IAA 2008 SEC RIA 34 91%2000-2008 CAGR 7%2008 2008 RIA 11257 2000 6649 69%10 SEC IAA 11 SEC IAA 0500010000150002000025000300003500040000450002000 2001 2002 2003 2004 2005 2006 2007 20080200040006000800010000120002000 2001 2002 2003 2004 2005 2006 2007 2008 9 ICI 2007 56%DC 1980 7%2007 24%6%ICI DC 2007 55%49%12 ICI 13 ICI 100%DC 1.1.4 2008 2008 2010-“”III Robinhood 2015 2018 2019“”E-Trade TD Ameritrade 10 TD 2020“”SIFMA Cerulli 2019 10-100 78%14 Phoenix Marketing International Cerulli SIFMA 15 Phoenix Marketing International Cerulli SIFMA 1.2 co m m i ss i on-based+f ee-based f e e-onl y commission-based fee-based fee-based AUM dually registered advisor fee-only AUM 0%10%20%30%40%50%60%70%80%90%10 10-100 100-500 500 0%5%10%15%20%25%30%35%40%45%50%10 10-100 100-500 500 11 fee-based fee-only fee-based InvestmentNews SEC fee-only 2019 2215 2020 2663 18716 AUM 2.5 1 commission-based+fee-based fee-only AUM AUM AssetMark Investopedia 1.3 RIAs Cerulli Wirehouse National and regional B/D Independent B/D IBD RIA Hybrid RIA RIA Independent RIA Insurance B/D Retail bank B/D UBS Edward Jones Robert W.Baird RIA RIA 12 RIA SEC RIA SEC RIA RIA RIA RIA RIA RIA RIA RIA RIA 2 Wirehouse UBS fee-based 30%-50%National and regional B/D RBC Edward Jones Robert W.Baird Stifel 40%-60%Independent B/D IBD 1-5 LPL Financial Ameriprise Financial 70%-100%RIA Hybrid RIA RIA B/D RIA B/D RIA LPL RIA Raymond James RIA IBD 100%RIA Independent B/D RIA Hall fee-based 100%13 RIA Capital Partners Creative Planning Insurance B/D AXA Advisors NYLIFE Securities 40%-60%Retail bank B/D 30%-50%Cerulli R IA R IA R I A Cerulli 2023 RIA CAGR 2.4%RIA CAGR 5.2%Cerulli RIA RIA RIA 2027 AUM 31%RIA Cerulli RIA IAA 2020-2022 SEC 6.2%23.6%fiduciary 2018-2022 SEC 16 SEC 2020-2022 IAA FINRA dually registered representatives 14 17 SEC IAA FINRA IAA 2022 SEC RIA 15114 114.09 2008 34%236%50 RIA 88%12%RIA 90%1000 1.3%63%18 SEC RIA AUM IAA RIA 2022 5186.7 95.5%15%0.2%61.4%15 19 RIA IAA 20 RIA IAA 2 Charles Schwab First Commander Charles Schwab 1971 1973 2024 2 8.88 3510 190 21 2023 22 2023 16 2.1 2000-2023 52 188 5.8%7 46 8.5%1973-19 86 Charles Schwab“”1975 5 1 1983 1985 120 76 1987-19 94 I PO-Financial Advisors Service IRA OneSource“”1995-20 00 E-Trade ShareLink 401K Hampton 2000 1986 3 3000 1986-2000 16 2001-20 07 51%Wealth Advisory Advisor 17 Network ROE 2002 3%2007 55%07 ROE 2008 09-23 1 1%13%R O E 12.8%ETF ETF ETF 2019 2020 TD Ameritrade 23 24 2000-2023-40%-20%0%20%40%60%80%05,00010,00015,00020,00025,000 YoY 18 25 2000-2023 26 2000-2023 ROE%2.2+2005 1.05 2019 4.03 TD 21 8.14 2023 8.52 05-23 12.3%2019 1.23 2023 4.34 50%2023 3484 2019 TD 1.8-100%-50%0%50%100%150%200%250%300%350%400%01000200030004000500060007000 YoY 0102030405060 19 27 28 29-30%-20%-10%0%10%20%30%40%50%60%70%80%01000200030004000500060007000800090002005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YoY-20%-10%0%10%20%30%40%50%60%0100020003000400050002014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YoY0%20%40%60%80%100%120%140%160%05000100001500020000250003000035000400002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YoY 20 2000 22.94 40%2019 5.8%TD 2021 22.4%2023 17%2003 18.7%TD 2019 60.8%30%90%2020-2021 TD 2021 66%2023 75%30 2023 70%1.1%2023 7.64%2020 4.2%4.1%31 32%0%10%20%30%40%50%60%70%80%90%100%2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 01000002000003000004000005000006000007000002016 2017 2018 2019 2020 2021 2022 2023 01234562016 2017 2018 2019 2020 2021 2022 2023 21 33%2.3 RIAs R I A s 1987 Financial Advisors Service 10 1996 Schwab AdvisorSource RIAs RIAs RIAs RIAs 2002 Wealth Advisory Advisor Network Wealth Advisory 0.8%50 Advisor Network RIAs AdvisorSource 12 50 AUM AUM 2016 AUM 9.15 18.53 30%61%01234567892016 2017 2018 2019 2020 2021 2022 2023 22 2021 46%47%2023 39%54%2016 0.25%2021 0.11%2023 0.15%AUM 2023 0.41%3 2023 AUM 4581 2020 50%AUM 34 AUM 35 36 37 0%10%20%30%40%50%050010001500200025002016 2017 2018 2019 2020 2021 2022 2023 AUM 0%10%20%30%40%50%60%70%0500100015002000250030002016 2017 2018 2019 2020 2021 2022 2023 ETFs CTFs 050000010000001500000200000025000002016 2017 2018 2019 2020 2021 2022 2023 fee-based 0.00%0.10%0.20%0.30%0.40%0.50%0.60%2016 2017 2018 2019 2020 2021 2022 2023 fee-based 23 3 4 湘财证券投资评级体 系（市场比较基准为沪深 300 指数）6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%重要声明 分析师声明
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