Independent RIAs are seeing a boost to their new client roster as former full brokerage clients become increasingly distrustful of their previous firm. More than 90 percent of independent RIAs say they have won new clients in the past six months, according to Charles Schwab, which released findings from its latest semi-annual Independent Advisor Outlook Study yesterday.
According to the survey, 45 percent of shifting clients came from the full service brokerage industry and 25 percent were do-it-yourself investors. Almost 70 percent of those switching from a previous firm say it's because they don't have the trust they used to. Sixty-four percent are seeking more personal advice.