Assets, revenues and clients are indicating that the pall on advice to investors seems to have lifted in 2010, according to preliminary results from the latest AdvisorOne Top Wealth Managers Annual Survey, conducted in April and May for the year ended Dec. 31, 2010.
Registered investment advisors (RIAs) that completed the Top Wealth Managers Survey for the full year 2010 reported growth in assets, revenues and clients, indicating that the health of the advisory industry–and independent RIA firms in particular–has rebounded.
Though the results are preliminary, these findings are important as they show a return to growth. Could these “green shoots” indicate a long-term trend?
More than 84% of the independent RIA firms that completed the survey in 2009 and 2010 reported growth in the number of clients. While a small number of firms held the same number of client relationships, those whose client base was smaller may suggest they they pruned smaller clients while moving to a higher minimum or that advisors left, taking clients and assets with them.