As the RIA channel grows, RIAs are getting bigger.
Independent advisors are not only growing larger, but they’re now catering to a more affluent segment of clients, according to the latest RIA Benchmarking Study from San Francisco-based Charles Schwab.
“It’s clear that the independent difference is continuing to resonate in the marketplace,” says Jon Beatty, senior vice president of sales and relationship management at Schwab Advisor Services. “The independent advisors who participated in our study are clearly thriving and growing across all of the key business indicators that we can imagine.”
The median AUM for a firm on the Schwab Advisor Services platform grew to $593 million in 2016 from $358 million in 2012, according to the study.