Fabien Donal

Date of Award

3-2026

Document Type

Thesis

Degree Name

Bachelors

Department

Social Sciences

First Advisor

Khemraj, Tarron

Area of Concentration

Economics

Abstract

The thesis model is an analysis of the Financial Advising industry using an industry-level framework similar to sell-side equity research and industrial organization economic theory. The thesis attempts to blend macro-level analysis and industry-level analysis with micro-level benchmarking of firms. The analysis employs the structure-conduct-performance (SCP) model to examine the effects of a fragmented yet asset-concentrated market structure on key decisions, strategies, and performance variations. To evaluate the impact of interest rates, wealth, income, and savings on the demand for financial advice, the macroeconomic data from the Federal Reserve Economic Data (FRED) is used. In addition, the data for the financial services industry comes from Bloomberg, the Investment Adviser Association, and CFRA, in the context of evaluating the five competitive forces, which includes benchmarking against major competitors such as Raymond James Financial, Schwab, Morgan Stanley, Ameriprise, and LPL Financial, in the context of strategic decisions by the company. The results suggest that Raymond James enjoys a differentiated position within the mid-tier category, marked by its stable organic growth, moderate profitability, and risk profile. While it does not enjoy the benefits of scale that larger platforms do, its adviser-centric model has enabled it to perform robustly. The analysis concludes that industry consolidation and scale-driven efficiencies are likely to continue shaping competitive outcomes, reinforcing the relevance of SCP-based analysis for long-term investment assessment.

Download

Share

COinS