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July 25, 2022 at 03:08 PM
Related: 14 Biggest Advisor Mistakes That Hurt Growth
Growth is the byword of the independent wealth management industry, with about a quarter of financial advisors expecting to grow at a faster rate over coming years relative to their current rate, according to a report from SmartAsset, an online destination for consumer-focused financial information and advice, citing Schwab Advisor Services research.
Nine in 10 firms surveyed expect growth over the next five years, with average net new assets increasing by 17% annually over this period.
To identify the fastest-growing financial advisor firms in the U.S., SmartAsset used data from the Securities and Exchange Commission to compare 729 RIAs across four metrics: one- and three-year percentage changes in both number of client accounts and assets under management.
Researchers eliminated RIAs that took part in mergers or acquisitions during the time period of the research, March 2019 to March 2022. They also eliminated firms with disclosures on their form ADV and those that did not offer financial planning services or had less than $500 million in AUM.
See the gallery for the 12 fastest-growing RIAs.
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