Fusion Advisor Network reported Thursday that the firm’s assets under management (AUM) and revenues have grown to a “record level” for 2010. The firm cites “strong organic growth among existing firms, strong retention record and the addition of several key new independent advisors to its network,” for its success. Revenue for advisors affiliated with Fusion is $57.4 million for 2010; AUM is now “over $2.7 billion” along with “over $8.0 billion,” in assets under advisement.
Fusion’s “member” firms are independent registered investment advisors (RIAs) and broker-dealers (BDs). They have a not-so-secret weapon advising them on practice and business management: Fusion’s President is a former Moss Adams principal, Philip Palaveev (left). Readers will recognize Palaveev as a frequent contributor to AdvisorOne.com, and our partner in the Top Wealth Managers surveys and special reports.
Fusion provides “business management services” to its affiliated member firms and uses NFP Securities Inc. to provide RIA and BD services for member firms.
‘Most of all we credit this growth to the firms we have,” affiliated with us, Palaveev told AdvisorOne in an exclusive interview on Friday. “They are a fantastic, energetic group of advisors,” and they are making “a meaningful impact on their communities.” Palaveev notes that Fusion’s “first priority” is to help member firms “achieve their full potential.”
Palaveev says that “organic” growth, “17%” in 2010 for Fusion’s members, is most important, and that he’s also happy with the “10%” growth via recruiting Fusion achieved last year. “We want quality” firms to affiliate, with “ambitious, energetic, advisors, who look out for the best interests of their clients.”
“Our growth is a function of the growth of our affiliated firms,” Fusion’s CEO and founder, Stuart Silverman, said in the release. “We have 120 firms across the country and helping them grow faster and more profitably is our primary mission.” Fusion firms had on average 16.8% organic growth in 2010, demonstrating a swift recovery from the crisis and the energy to excel at their respective specialties.