RIA Trend Report 2016: Trends in Services Offered: 2013-2015

RIA Trend Report 2016: Trends in Services Offered: 2013-2015

Practice Management & Operations

When we review the 3-year trends in responses to the services offered question we find three categories with notable change. Since 2013, the amount of firms offering tax preparation has increased, from 11% in 2013, to 18% last year and to 20% in 2015. Those firms that do not offer tax preparation services has steadily declined at the same time, falling from 36% two years ago to 29% currently. We observe a similar trend in concierge services. Currently offer response rates have increased from 12% to 17% over the past two years while “do not offer” has decreased from 69% to 58% over the same time period. Finally, with respect to private banking, “currently offer” was consistent in 2013 and 2014 but jumped to 13% in 2015. Correspondingly, “do not offer” has steadily decreased from 55% in 2013, to 51% in 2014 and to 44% this year. Taken together, it certainly appears that advisors are offering a greater number of services in house, perhaps a function of greater scale and capabilities, but certainly reflecting a broader and higher touch approach to the client relationship. 

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Next Part 4 of 7: Functions Outsources by Advisors

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