A new report from New England Consulting Group reveals widespread frustration within large RIA firms and skepticism about whether today's roll-up strategies can survive tomorrow's client expectations.

According to Financial Planning, the $83.5 trillion Great Wealth Transfer and generational shift in client priorities have forced the industry to confront uncomfortable realities. While economies of scale currently give dominant firms an operational advantage, that edge soon may dull as artificial intelligence and integrated fintech platforms empower smaller, independent firms to compete without bloated infrastructure.

Financial Planning reports that advisors consistently voiced concern about retaining younger clients, building trust in an era of constant transparency demands, and preserving the personal, fiduciary relationships that form the core of wealth management. Many expressed doubt that large, private equity-backed RIA consolidators could adapt to those demands without alienating their most entrepreneurial talent.

The report also reveals that advisors are uncomfortable with private equity's growing influence. While some appreciated a hands-off ownership style, many criticized the misalignment between PE firms' short-term financial objectives and the long-term fiduciary duties owed to clients. Advisors warned that roll-up strategies built on cost-cutting and operational dictates risk eroding client trust and advisor loyalty alike.

Ultimately, the study paints a picture of an industry at a crossroads. Large RIA firms with the ability to modernize, decentralize control, and offer advisors meaningful choice and branding flexibility will survive the coming wave of disruption. Those clinging to top-down models built on scale alone risk being outpaced by smaller, nimbler competitors armed with smart tech and a client-first mindset.

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