What sets top-performing RIAs and fee-based advisors apart from the competition? Nationwide Advisory Solutions’ fifth annual Advisor Authority study, released Monday, took a look.
“Year over year, Advisor Authority has shown that the RIAs and fee-based advisors poised to succeed in the face of increasing competition and the complex dynamics of today’s uncertain world are those who can differentiate themselves by adopting new technology, adapting to new trends and — perhaps most importantly — putting clients first,” Craig Hawley, head of Nationwide Advisory Solutions, said in a statement.
The study’s findings were based on an online survey conducted by The Harris Poll from Feb. 15 to March 4 among 507 RIAs, 514 broker-dealers and 824 adult investors.
Highly successful advisors have exhibited seven traits year in and year out to earn more money and manage more assets, the study findings showed.
It defined successful advisors as those who earn a personal annual income of $500,000 or more from their advisory business, or individually have $250 million or more of assets under management.
Nationwide said RIAs and fee-based advisors could start to create their own competitive advantage and forge their own path to greater success by focusing on the following four of the seven traits of successful advisors identified in the report.