10.08.24

Bank-Based Advisors Struggle To Grow Assets

by: Kehrer Group

Advisors in banks and credit unions acquired $13.7 million in new assets last year, on average, up 5% from 2022. But while advisors are acquiring new assets, they are also losing assets, as some clients spend down their savings or depart, resulting in net new assets last year actually falling 11% from 2022’s performance. Net new asset acquisition decreased across the board last year, but particularly in firms with at least 25 advisors. While the typical advisor in large bank-based firms acquired $11.4 million in new assets, $8.5 million left the books. Advisors in smaller bank firms lost $8 million of their assets, on average, while credit union-based advisors lost $6.4 million.

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