07.24.23
RIAs Weathered Rocky 2022 Markets With 4.1% Revenue Increase, Schwab Says
by: Jennifer Lea Reed
Despite a 7.1% drop in total assets under management (AUM) last year due to market declines, registered investment advisors (RIAs) saw a 4.1% increase in revenue and a 6.2% increase in clients, according to a new study from Charles Schwab. Organic growth, which excludes market performance, reached| its second-highest point in five years, and client retention remained at 97%, where it has hovered since 2017, the report revealed. “Even though there was some pressure on AUM, you’re still able to attract quite a few new clients to your firms,” said Lisa Salvi, a Schwab Advisor Services managing director. “The RIA industry continues to be strong, and we know that demand for advice is not going anywhere. The value proposition of the independent model does continue to resonate with investors and clients.”
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