The registered investment advisor channel was the clear winner in 2013, growing client assets by 23 percent over 2012, according to a recent Aite Group report. That compares to 12.7 percent growth in wirehouse assets over that period.
“Although each market subsegment was able to grow client assets in 2013, competition in the U.S. wealth management market remains fierce, as displayed by advisors’ continued movement from one firm to another and/or one subsegment to another,” the report said.
So what’s drawing more advisors to the RIA space? A recent Schwab Advisor Services RIA Talent Study surveyed about 571 advisors, asking them about their most important reasons for joining an RIA firm.
Many of the reasons why an RIA might choose to join an RIA firm over other financial services firms are likely the same reasons anyone might look to join a new company—the opportunity for career advancement, the potential for higher compensation, work-life balance, etc. Here’s a look at the top five.