When we review the 3-year trends in responses to the functions outsourced question we observe three categories trending upward. The percentage of advisors outsourcing compliance has nearly doubled over the period, from 11% in 2014 to 19% in 2016. We note a very similar increase in the percentage of RIAs outsourcing human resources, with 17% this year compared to 12% in 2015 and 9% in 2014. Finally, we observe that outsourced bookkeeping continues to grow, increasing from 15% in 2014 to 22% in 2016. These trends in outsourced functions, reviewed in the context of the increases in services offered in Figure 4, indicate that advisors are focused on the activities that are most critical to their businesses and that it is getting increasingly efficient to outsource those functions less important to growth and client satisfaction.
Next Part 7 of 9: Advisors' Most Time-Consuming Activities