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In face of pandemic, IBDs proved resilient in 2020
Last year, the 25 largest independent broker-dealers reported $26.6 billion in revenue, an increase of 4.3% from 2019. Although financial results were far from spectacular, growth at leading IBDs last year was resilient in the face of the Covid-19 pandemic and the havoc it caused for the broader stock market.
April 26, 2021
2020 was anything but a typical year for the industry, particularly for service-focused businesses like independent broker-dealers.
Covid-19 caused firms to shut down their offices and send staff home to work. Advisers began learning to click the mute button on Zoom. And adviser recruits stopped flying to distant cities to press the flesh with executives trying to convince them to switch firms.