Top Independent Advisory Firms
What is an Independent Advisory Firm?
An independent advisory firm is a smaller, specialized company that offers financial advisory services, such as mergers and acquisitions, restructuring, valuation, capital raising, and strategic consulting. Unlike large, full-service banks, these independent advisory firms tend to focus on either fewer industries or sectors or focus on a specific line of business such as only M&A. As a result of being smaller and more streamlined, they tend to have fewer conflicts of interest.
Independent advisory firms are often founded by former bulge-bracket senior bankers who want more autonomy and flexibility in their work. Some examples of these firms are Houlihan Lokey, Evercore, Moelis, and Lazard Middle Market.
Top Independent advisory firm in the US – Alphabetical order
- Ardea Partners – New York, NY
- Allen & Company – New York, NY
- Blair Franklin Capital Partners – Toronto, ON
- Centerview Partners – New York, NY
- Cowen Group – New York, NY
- Davidson & Co. – Great Falls, MT
- Evercore – New York, NY
- Greenhill & Co. – New York, NY
- Guggenheim Partners – New York, NY
- Gordon Dyal & Co. Advisory Group LP
- Harris Williams & Co. – Richmond, VA
- Houlihan Lokey – Los Angeles, CA
- Jefferies – New York, NY
- Lazard Middle Market – New York, NY
- Moelis & Company – New York, NY
- Perella Weinberg Partners – New York, NY
- PJ Solomon – New York, NY
- Piper Sandler Companies – Minneapolis, MN
- Raymond James Financial – St. Petersburg, FL
- Robert W. Baird & Co. – Milwaukee, WI
- Stifel Financial Corp. – St. Louis, MO
- William Blair & Company – Chicago, IL
Top Independent advisory firm in the UK – Alphabetical order
- Altium Capital – London, UK
- Cavendish Corporate Finance – London, UK
- Centerview Partners – London, UK
- Evercore – London, UK
- GP Bullhound – London, UK
- Greenhill & Co. – London, UK
- Gleacher Shacklock LLP – London, UK
- Houlihan Lokey – London, UK
- Investec – London, UK
- Jamieson Corporate Finance – London, UK
- Jefferies International – London, UK
- Lazard – London, UK
- Panmure Liberum – London, UK
- Moelis & Company – London, UK
- Oakley Advisory – London, UK
- Peel Hunt – London, UK
- Perella Weinberg Partners – London, UK
- Rothschild & Co – London, UK
- Smith Square Partners – London, UK
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Independent Advisory Firm vs. Bulge Bracket Investment Bank
A bulge bracket investment bank is a large, global firm that offers a full range of financial services, such as sales and trading, research, underwriting, advisory, asset management, and wealth management. Bulge bracket banks have extensive resources and networks and can handle complex and high-value transactions across multiple markets and regions. Some examples of bulge bracket investment banks are Goldman Sachs, Morgan Stanley, and J.P. Morgan.
The main difference between an independent advisory firm and a bulge bracket investment bank is the size and scope of their operations. Independent advisory firms are smaller, more specialized, and typically independent, while bulge bracket banks are larger, more diversified, and more integrated. Independent advisory firms may have an edge in providing more personalized and tailored advice, as well as having fewer conflicts of interest with their clients. Bulge bracket banks may have an advantage in offering more comprehensive and competitive solutions, as well as having more access to capital and market opportunities.
What services are offered at an Independent Advisory Firm?
Bulge-bracket investment banks tend to offer a full range of services to meet the demands of their clients. On one side they will have investors seeking to invest money in a range of financial products. These investors could be individuals, corporates or local and state governments – large banks will have a wide range of investors often looking for complex financial solutions. Similarly, there will be clients wanting to raise money through the bank. It is the responsibility of the bank to attract and maintain the type of customers that will utilize the broad range of financial products available.
An independent advisory firm would focus on a particular niche part of investment banking, one where it has experience, a good client base and the scope to drive a profitable business from this particular financial service. It will not want to offer a multitude of services covering all the potential needs of its client base.
In terms of products offered, bulge-bracket firms would endeavor to offer as many financial services as possible, both in domestic and international markets, to suit the widespread needs of all clients. These would include debt and equity products, cash, as well as advice and risk management solutions. Bulge-bracket institutions would usually run large corporate finance operations and have a strong presence in equity and debt capital markets.
Independent advisory firms prefer to select an area of expertise and attract clients to a niche range of products. This can allow firms to remain smaller and nimbler in their product offerings and also significantly reduce the overall cost structure of the firm. The goal of a boutique firm is to offer best-in-class services in a particular geography, sector or asset class. The financial services available will be based on the skills and expertise of those working at the firm.