Advisors are focused on growth and on technology—considerably moreso for either than for any other business priority.
So if they had an extra dollar to invest in their business, the largest number would put that dollar toward growth opportunities.
That’s according to the Scottrade Advisor Services RIA Study, which found that when it came to spending money, 38 percent of registered investment advisors said growth was their first priority, while 25 percent were looking at technology.
Employee/talent management didn’t even get half as much attention as tech, at 13 percent, while only 12 percent prioritized client service despite its importance to their businesses.
Eight percent said operations/processes were their priority, while compliance/regulation garnered a dismal four percent.
Regardless of company size, growth was the top choice for the most advisors.
For RIAs between $10 and $100 million under management, 45 percent of respondents selected growth as their greatest opportunity for investment.
Asked about how confident they are in their ability to provide certain services to their clients, 76 percent of RIAs—more than for any other service—cited helping clients plan for retirement.
Sixty-nine percent said growing assets, 59 percent said protecting assets, and 56 percent chose wealth transfer, while just 39 percent said planning for health care as they age.
RIAs managing less than $100 million are more confident in helping their clients with retirement planning and helping clients grow their assets than with other services—and 77 percent of their baby boomer clients have asked for help with retirement planning in the last 12 months.
Other generations, naturally enough, are more focused on other goals—such as GenXers, who are more interested in figuring out how to pay for their children’s education, or millennials, who want to know about homebuying and tax planning.