Brokerages replace legacy revenue streams as centralization fades, Cullen Roche argues

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18.04.2026

Brokerages replace legacy revenue streams as centralization fades, Cullen Roche argues — Brokerages shift retail costs as funds die

Mutual funds are being phased out, and brokerages are looking for ways to replace their traditional sources of revenue. Cullen Roche suggests that instead of adapting to new trends, these firms are passing costs on to retail investors.

Roche contends that this practice highlights an ongoing decline in centralization within the financial industry.

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Roche has previously criticized volatility calculations, arguing they overlook historical 5% fund drawdowns. He has also noted that U.S. government balance sheets often omit key assets such as land and tax receipts in their analysis, according to a recent article. The comments contribute to ongoing discussions about transparency and measurement in financial reporting.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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