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Summary: Schwab Advisor Services and the RIA channel have surpassed revenues and asset levels where they were pre-2008 meltdown and the stage is set for a new era of growth, according to the 2011 RIA Benchmarking Study from Schwab. Median standardized operating income recovered to 18.3% up from 14.9% in 2009. This, combined with strong revenue gains, produced a surge in profits of 45% at the average firm since 2009. Schwab’s Bernie Clark believes that RIAs are poised for growth after the challenges of the past few years. Palaveev feels that advisors now need to raise prices on their services which they expanded during the financial crisis.
Added on April 2011 in Join an RIA
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Summary: The Broker and Advisor Sentiment Index Survey by Fidelity reports that more brokers and financial advisors are looking to make more money and have more control over the type of clients they serve and the investments they recommend and they continued to flood the independent channel at a swift pace in 2010. Culture and community fit are important to them. Brokers and Advisors on average brought over 70% of their client assets when they did make a change.
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Summary: LPL’s number one advisor, Ron Carson, wants to manage the assets of other non LPL advisors and buy other advisory firms, but deals always got hung up because the advisors couldn’t custody assets at any other firm if they joined Carson. Carson coaches 800 advisors through his Peak Advisor Alliance where 58% are not affiliated with LPL.
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Summary: Ric Edelman’s view of the RIA world: The key to growing an advisory business into a corporate brand is scalability. Referencing the Starbucks model, he noted that “Clients must be secure in the knowledge that you can resolve issues with the same level of success.” Make sure your infrastructure is in place before you advertise. You will master technology or be crushed by it. Between the potential of technology to increase scale and the aging demographic, the industry can look forward to a massive increase in assets.
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Summary: Some advisors downsize their practices for work-life balance versus revenue maximization.
