The number of advisors registered with the Securities and Exchange Commission continues to rise, reaching 13,494 advisory firms in 2020, a net increase of 501 advisors, or 3.9%, over 2019, according to the latest poll by the Investment Adviser Association.
RIAs’ assets under management also shot up to a record $97.2 trillion, reflecting 16.2% growth from $83.7 trillion, in an industry where more than 87% of firms are small businesses, states the annual Evolution Revolution report, written by IAA and National Regulatory Services to provide a snapshot of the SEC-registered advisor universe.
This year’s IAA/NRS report is based on data from before COVID-19 was declared a global pandemic in March, IAA and NRS reported.