Many of the neo brokers mentioned are white labeling IBRK or Drive wealth, as such their model is massively unsustainable. It’s a land grab, scale at all cost & worry about profitability later. Like Uber you can build a business this way when capital is cheap but it’s getting more expensive and you can no longer raise at 50x-75x revenues just because you’re growing fast.
Watch this crowded space to get a whole lot thinner over the next 12-24 months.