Cerulli paper ties best-interest expectations to 73% satisfied and not seeking a new advisor

Among investors who said their advisor must always act in their best interest, 73% reported being satisfied and not seeking a new provider. That is the headline comparison in a white paper Cerulli released Wednesday in partnership with RIA Credent Wealth Management.

Among investors who said their advisor could recommend products putting the provider's or advisor's interests ahead of their own, 48% reported being satisfied and not seeking a new provider. A separate 48% of that group said they were satisfied but open to considering other options, and 4% said they were dissatisfied.

The paper, "Fee-Only, Fiduciary, and the Changing Landscape of Independent Advice," locates the problem in variety. Business models, compensation structures and fiduciary obligations differ significantly across firms, and the firms said it is increasingly important for clients to understand how advisors are paid and the standards under which they operate.

"Today's investors have more access to advice than ever before, but understanding the differences between wealth management providers has become increasingly challenging," Brendan Powers, senior director of product development and institutional at Cerulli, said in the release. He said the distinctions between fiduciary and suitability standards, fee structures and product offerings are often opaque.

The number of RIAs managing $5 billion or more rose to 343 in 2025 from 194 in 2020, according to the paper. Among those firms, fee-only independent RIAs' share of assets fell to 34% at year-end 2025 from 42% in 2020, a decline the report's executive summary attributes to other RIA models expanding more quickly.

The 73% figure counts only investors who are both satisfied and not looking to move. The paper's numbers set stated expectations against reported satisfaction, and they do not establish that a best-interest standard is what causes a client to stay.