Caught in the Shuffle: How to Thrive in the Post-Broker-Dealer Era. Episode 3 of 3

November 19, 2025

Summary

Episode 3 or 3: Caught in the Shuffle — The Merger Survival Series: The Strategic Shift and Thriving in the Post–Broker-Dealer Era

The wealth management world is facing the biggest transformation in decades — and most advisors feel it long before they talk about it.

Mergers. Payout cuts. Compliance bottlenecks. Shrinking product shelves. Rising tech fees.
These aren’t random frustrations…
They’re signals.

In the final episode of our Caught in the Shuffle series, host Jonathan Andrews and Your RIA Mentor, Ray Gettins, break down the truth behind the shift reshaping the industry — and reveal why early movers will define the next decade of financial advice.

You’ll discover:

Why payout compression isn’t the real problem (and what is)
How micro-shifts inside broker-dealers trigger macro-level advisor consequences
The hidden cost of staying put — and how it compounds over time
The A·B·C Framework (Assess · Break Away · Create) that simplifies the entire independence journey
The outdated myth about losing annuity and insurance business when going RIA
What thriving truly looks like in the era of independence
The RIA Tipping Point — and why it’s closer than most advisors realize

Packed with real advisor stories, strategic insights, and the hard truths most firms won’t tell you, this episode gives you the clarity, confidence, and roadmap to navigate the industry’s biggest realignment.

Whether you’re already exploring independence or still inside a broker-dealer feeling the pressure rise, this episode will change how you see your future.

This isn’t the end of an era — it’s the beginning of one.
And the advisors who move with intention… will lead it.

Transcript

[Jonathan Andrews]
Welcome back to R I A Confidential: Your source for the truth about going RIA.

[Jonathan Andrews]
I’m your host, Jonathan Andrews, here once again with Your RIA Mentor, Ray Gettins.

[Jonathan Andrews]
If you’ve been following along in our Caught in the Shuffle series, we’ve gone from disruption — the mergers and consolidation shaking up the industry, to clarity, with the DPL episode breaking down how advisors can maintain their annuity and insurance business even after becoming fully independent. And now, in this final episode of the series, we’re talking strategy. This episode is about how to thrive (not just survive) in the post–broker-dealer era fast approaching.

[Ray Gettins]
That’s right, Jonathan. The industry is consolidating. And in that consolidation is opportunity. This is about more than survival. it’s about leveraging change with a strategy to thrive in the new era.

[Jonathan Andrews]
I agree! Every change we’re seeing, from reduced payouts to new compliance rules is a signal that we’re nearing a tipping point.

[Ray Gettins]
The question is, who’s going to lead, and who’s going to lag behind?

[Jonathan Andrews]
When you talk about the “great realignment,” what exactly do you mean?

[Ray Gettins]
It’s what happens when a system that was built for one era starts to break under the pressure of a new one.

[Ray Gettins]
The broker-dealer model was built in a time when commissions, proprietary products, and firm control made sense.

[Jonathan Andrews]
Right, but the thing is, the world has changed!

[Ray Gettins]
Yes. Clients are more educated, technology is more transparent, and regulators have shifted their viewpoint.

[Jonathan Andrews]
Yeah, and we’re really seeing regulators lean into the fiduciary mindset.

[Ray Gettins]
Right, and meanwhile, consolidation is accelerating. And when a firm gets acquired, it’s not just the logo that changes, it’s the payout grid, the culture, and expenses. Take the last 18 months. We’ve seen firms get acquired, then within 90 days you see the fallout:

[Jonathan Andrews]
Yeah, we’re seeing it all over —Advisors losing OSJ support, Hybrid platforms being eliminated, Annuity lanes shut down, tech fees doubled ” These micro-shifts are what create the macro realignment.”

[Jonathan Andrews]
It’s the classic ripple effect.

[Ray Gettins]
Exactly. Payout compression is just the symptom, not the cause. The cause is that the system’s economics no longer work. So, advisors are waking up to the math, and to the freedom, flexibility, and client benefits that come with independence. Every merger, every consolidation, every payout cut… it’s all moving us closer to what I call “The RIA Tipping Point.”

[Jonathan Andrews]
So that’s the moment when staying put becomes riskier than breaking away?

[Ray Gettins]
That’s it exactly! You got it!

[Jonathan Andrews]
To your point, I had an advisor—20 years in—who kept waiting for the ‘right moment.’ When his firm consolidated, he lost three key investment options he relied on for his top clients. That was the breaking point.

[Jonathan Andrews]
After running the math, he realized he’d been leaving One Hundred and eighty K a year on the table. Within 9 months of going independent, he’d grown 27%.

[Ray Gettins]
I see it all the time, Jonathan.

[Jonathan Andrews]
Let’s dig into that, because that phrase (the RIA tipping point) is powerful. You’ve said before that we’re not watching the end of an era, but the beginning of one.

[Ray Gettins]
That’s right. What we’re seeing right now is the moment before the BIG shift. And for those who are paying attention, this is when early movers gain the greatest advantage. Most of the advisors in the industry are still reactive, waiting and hoping their broker-dealer won’t get sold, or that their payout won’t change and the affiliation/tech fees won’t increase too much. But those who move now, while the noise is happening, are the ones who’ll be positioned as leaders once the dust settles.

[Jonathan Andrews]
And the advisors remaining at the broker-dealers — they’re the ones who’ll be at a disadvantage.

[Ray Gettins]
Absolutely. When the market fully shifts to fee-based, the advisors at broker-dealers will be at a competitive disadvantage, playing catch up with those who already established their brand and RIA Identity. They’ll have higher costs, lower trust, and fewer advisors to help carry the overhead. Meanwhile, the advisors who’ve gone independent will already have: Fee-aligned compensation models. Scalable technology. Broader access to investment solutions. And brand equity built around transparency.

[Jonathan Andrews]
So the big picture here?

[Ray Gettins]
When the majority finally moves, it’ll be too late to lead. The advantage belongs to those who build now, during the shake-up.

[Jonathan Andrews]
So what you’re saying is this is the hinge moment. There’s this window—right as the shake-up is peaking—where advisors who choose to become independent don’t just dodge the mess, they step into leadership. Everyone who waits, who holds out at their broker-dealer hoping for one more good year, they’re basically setting themselves up to play catch-up—on tech, on cost structure, and most importantly, on credibility with clients.

[Ray Gettins]
Well said

[Jonathan Andrews]
Ray, I know you work closely with advisors on this process, and you’ve developed a 3-step mentorship framework that really simplifies what feels like a huge leap. One that’s litterally as easy as ABC (A) for Assess · (B) for Break Away and (C) for Create. Did I get that right?

[Ray Gettins]
Yes, perfect. These three steps give advisors a simple way to navigate what can seem complex.

[Ray Gettins]
Step 1: Assess the Landscape. Understand where consolidation or inefficiencies are creeping into your current model. Run the real numbers. Compare your current payout against a fee-based independent model. It’s not just about what you make, it’s about what you keep. When advisors see that math clearly, it changes everything.

[Ray Gettins]
***Understand where consolidation or inefficiencies are creeping into your current model. Run the real numbers. Compare your current payout against a fee-based independent model. It’s not just about what you make, it’s about what you keep. When advisors see that math clearly, it changes everything. Ask yourself: Is my payout shrinking while my workload grows? Is my firm’s direction still aligned with my clients’? Do I have access to the investment solutions I need to be competitive? Can I market & grow the way I want to?

[Jonathan Andrews]
“Alright, so step one is Assess. What should advisors actually be looking for when they assess their current situation?”

[Ray Gettins]
“Great question. When advisors assess the landscape, there are five red flags that almost always signal it’s time to take a serious look at independence:

[Ray Gettins]

Payout Compression: You’re producing more but keeping less — the grid is moving against you.

[Ray Gettins]

Rising Technology or ‘Modernization’ Fees: Paying more each year for systems you didn’t choose and don’t control

[Ray Gettins]
.3. Product Shelf Restrictions: Losing access to models, annuities, or investment solutions you’ve relied on.

[Ray Gettins]

Compliance Bottlenecks: Slow approvals that limit your ability to communicate and compete.

[Ray Gettins]

Cultural Drift After a Merger: When your firm’s new direction no longer aligns with the clients you serve.If advisors spot even two of these, they’re already feeling the early signs of the shift.”

[Ray Gettins]
Ask yourself: Is my payout shrinking while my workload grows? Is my firm’s direction still aligned with my clients’? Do I have access to the investment solutions I need to be competitive? Can I market & grow the way I want to?

[Jonathan Andrews]
That’s so good, thanks for breaking that down. Alright, so step one is assess, what’s entailed with step two, the Break Away?

[Ray Gettins]
Okay, Step 2: the Break Away is where you Build your Breakaway transition roadmap. Focus on how your clients will benefit from the independent structure as you build your future firm, your structure, partnerships, and systems to scale independence the smart way. That’s where technology and community come in. You don’t have to reinvent the wheel; you just need the right wheel and path to travel.

[Jonathan Andrews]
What do advisors misunderstand about the Breakaway?

[Ray Gettins]
The biggest myth is that breaking away means you’re ‘on your own.’ It isn’t true — not anymore. Today you have transition teams, tech partners, custodians, and full communities that handle 70 to 80 percent of the heavy lifting.

[Jonathan Andrews]
Right! Advisors don’t build a new firm with duct tape and a prayer — they plug into modern infrastructure that’s already built for them.

[Ray Gettins]
And let me add one more big misconception, because it came up in our last episode with DPL. A lot of advisors are terrified they’ll lose their annuity and insurance business if they go RIA. That fear is outdated. As we covered with DPL, the independent space now has a complete fiduciary platform for annuities and insurance — often with better pricing, better transparency, and better client alignment than what most broker-dealers allow.

[Jonathan Andrews]
So the myth that ‘going RIA means giving up annuities’ is just that — a myth.

[Ray Gettins]
Yes, Independence actually expands those options.”

[Jonathan Andrews]
And what do clients ask during that transition?”

[Ray Gettins]
“It’s almost always the same three questions — every single time:

[Ray Gettins]
Number 1. ‘Is my money safe?’

[Ray Gettins]
Clients want reassurance that their custodian is strong and their assets remain fully protected.

[Ray Gettins]
Number 2. ‘Does anything change for me?’ And the honest answer is: it gets better. They get more transparency, better alignment, and more direct communication.

[Ray Gettins]
No 3. ‘Why wasn’t this option available before?’ That’s where advisors shine. They explain that independence wasn’t about leaving clients — it was about giving them a clearer, more fiduciary-aligned experience. Once clients understand the move is for their benefit, not the advisor’s, the retention is extraordinary.

[Jonathan Andrews]
Makes sense, and Step 3 “Create”—that’s the fun part, right? Designing the kind of firm that puts clients first and builds your brand?

[Ray Gettins]
Yes, Step 3 is where the real fun begins! A truly independent model where you control the brand and the investment model/solutions. Take this opportunity to design the client centric firm with the knowledge that you have some of the best products and solutions available to you.

[Jonathan Andrews]
I see. This is where advisors step into their identity as CEOs of their own enterprise.

[Jonathan Andrews]
I love it —That’s the difference with creation versus being forced into a rigid design..

[Ray Gettins]
Absolutely, the best independent advisors design their service model with intention. They build a structure that lets them communicate freely and directly with clients, without bottlenecks. They choose investment solutions because they’re the right fit — not because they’re on a restricted shelf. And they shape the client experience around the people they’re uniquely meant to serve, instead of trying to fit everyone into a one-size-fits-all firm agenda.

[Jonathan Andrews]
What I hear you saying is when advisors create with that kind of clarity and purpose, they don’t just launch a firm — they build a platform that can truly scale. They create a business that grows with them, grows with their clients, and grows with their vision.”

[Ray Gettins]
Bingo

[Jonathan Andrews]
I love that — It’s really as easy as A, B, C

[Jonathan Andrews]
Assess ·

[Jonathan Andrews]
Break Away ·

[Jonathan Andrews]
Create.

[Ray Gettins]
Yes, It’s clean, it’s repeatable, and it gives advisors a roadmap they can actually follow.

[Jonathan Andrews]
So, let’s talk about what “thriving” really looks like. What does that mean for an advisor who’s already taken the leap, or who is about to?

[Ray Gettins]
Thriving means you’ve taken control of your destiny. You own your brand, your clients, and your future. The old safety net — the broker-dealer — is becoming a cage. Independence is where innovation and growth are happening.

[Jonathan Andrews]
So thriving advisors aren’t the ones who work harder — they’re the ones who build better and smarter systems that literally propel and carry them forward.

[Jonathan Andrews]
And client perception has shifted too, right?

[Ray Gettins]
Completely. Ten years ago, clients might have seen “independence” as risky. Now they see it as credibility. They want to know their advisor isn’t influenced by corporate incentives, that their advice is purely fiduciary. The post–broker-dealer era will reward agility, transparency, and entrepreneurial spirit. The future belongs to the advisors who think like CEOs, not employees.

[Jonathan Andrews]
That’s such a key shift … from advisor to entrepreneur.

[Ray Gettins]
It’s the mindset that turns pressure into power. Because once you understand the economics and build the structure, that pressure doesn’t break you, it propels you forward.

[Jonathan Andrews]
Ray, I love how you frame this not as an exit, but as an evolution.

[Ray Gettins]
That’s exactly what it is. Every advisor will make a move eventually, the difference is whether you do it by choice or by force. The Strategic Shift is about leading that change, not reacting to it. Because as more and more clients are educated to demand transparency and the benefits of a true fiduciary, we’ll hit a tipping point where those who haven’t made the move to independence will be facing a huge disadvantage.

[Jonathan Andrews]
Wow that’s powerful.

[Ray Gettins]
And here’s the reality, the era of thriving belongs to those who prepare before the rest of the world catches up. Independence isn’t just a path anymore; it’s a new reality.

[Ray Gettins]
And the advisors who see that now will define the next decade of this industry.

[Jonathan Andrews]
Perfectly said, Ray. For those listening, remember, every merger, every payout cut, every consolidation is one more sign that the RIA tipping point is upon us. Your next move determines whether you’ll lead the future, or chase it.

[Jonathan Andrews]
Ray, every time we walk through this, I think, “Why didn’t more people do this five years ago?” But, hey, it’s never too late. We’ve reached the end of this three-part series, but honestly? This conversation is just getting started for so many advisors. Thanks for sharing your roadmap, your stories, and being open about both the pain points and the path forward.

[Ray Gettins]
Appreciate that, Jonathan. If you’re listening and feeling that itch—don’t ignore it. Independence isn’t some distant promise, it’s the landscape right now. Those who move with intent are going to define the future of advice, period.

[Jonathan Andrews]
Couldn’t agree more. And we want to thank everyone for tuning in, not just to this episode but the entire Caught in the Shuffle series. I’m Jonathan Andrews, this is RIA Confidential, and I’ll sign off with Ray Gettins—Your RIA Mentor. Ray, closing words?

[Ray Gettins]
Keep your eye on the signs, don’t wait until the changes force your hand. The future belongs to the advisors who choose evolution over reaction.

[Jonathan Andrews]
Hopefully today has helped guide advisors out there who are feeling the shift.

[Jonathan Andrews]
And remember, if you’re an advisor, caught up in a merger, use our tools to help gain clarity. Try running your numbers at R I A Calculator dot org, stay in touch with us at R I A Confidential Podcast on LinkedIn, and hit subscribe so you don’t miss an episode.

[Ray Gettins]
And as always, our doors are open for your questions. If you’d like to speak with someone who can help you sort things out, reach out for a confidential coffee chat with myself.

[Jonathan Andrews]
Yes, and remember you can easily book your confidential chat with Ray at R I A mentor dot com.

[Jonathan Andrews]
We’ll be back soon, but for now, thanks for tuning in. Ray, always a pleasure.

[Ray Gettins]
Likewise, Jonathan. Take care, everyone!

Book a Call with Your RIA Mentor, Ray Gettins

Try the RIA Calculator at RIACalculator.org

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Caught in the Shuffle: How to Thrive in the Post-Broker-Dealer Era. Episode 3 of 3

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