This year started off well for RIA firms, according to Schwab’s annual benchmarking study, released Thursday.
RIA firms with up to $100 million in assets under management reported five-year compound annual growth rates of 7.7% across both assets under management and revenue, and 4.6% growth in number of clients.
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Schwab fielded the study from January to early April. It contains self-reported data from 1,010 firms that custody their assets with Schwab Advisor Services and represent $1.1 trillion in assets under management.
More than three-quarters of firms completed the study after March 1, when markets had already been heavily affected by the coronavirus crisis, Schwab said.
The top strategic priorities for firms with up to $100 million under management have remained consistent year over year, according to the survey: acquiring new clients and improving satisfaction for existing ones.