SEI said early Tuesday that its SEI Advisor Network signed on 406 new Registered Investment Advisors, boosted assets under management to nearly $31 billion and generated $5 billion in new receipts. The number of new advisors represented a 60%-plus increase in new advisors from 2009, according to the company.
"In 2010, a record number of advisors joined our ranks — not only because of our differentiated investment strategies, but also because of our deep practice management expertise and our ability to help grow their businesses through customized solutions and support," said Wayne Withrow, executive vice president and SEI Advisor Network business-unit leader, in a press release.
"Investors today are looking for more than just investment results from their advisors, they want the overall package," said Brian McKee of McKee Financial Resources, Inc., of Evansville, Ind., in a statement.
"They want the best of both worlds — an advisor who can provide an individual, personalized touch and one who is backed by deep resources, research and expertise. For me, working with SEI allows me to create a practice that is both scalable and meets my clients' needs."
The SEI Advisor Network provides some 6,000 financial advisors with wealth-management services, such as outsourced investment strategies, administration and technology platforms, trust, banking and institutional services, and practice-management programs.
It had more than $31 billion in advisors’ asset under management as of Dec. 31, 2010.
Its parent company, SEI, based in Oaks, Pa., manages or administers $416.0 billion in mutual fund and pooled or separately managed assets, including $172.3 billion in assets under management and $243.7 billion in client assets under administration.