2021 RIA Benchmarking Study - Schwab Brokerage
Advisor Services 2021 RIA Benchmarking Study July 2021 Media contact: Meredith Richard Charles Schwab 646.343.7419 Meredith.Richard@schwab.com
2021 Highlights A challenging year becomes a catalyst for growth Schwab’s RIA Benchmarking Study is the leading study in the industry — 1,340 advisory firms, representing over 1.5 trillion in AUM, participated this year. The following report is organized according to Schwab’s Guiding Principles for Advisory Firm Success, a framework to help advisors address the complexities of growing their firms and creating enduring businesses. “2020 created an atmosphere of innovation that helped advisors reimagine how they engage with clients, prospects, and staff. These experiences will help advisors thrive as the RIA industry continues to grow.” Lisa Salvi Managing Director Business Consulting & Education 2021 RIA Benchmarking Study from Charles Schwab Firms adapted to the challenging environment and achieved success by using a variety of innovative strategies to support staff, engage clients, and drive new business results. Given the environment, firms experienced remarkable growth in 2020: AUM up 14.5%, revenue up 7.5%, and number of clients up 4.7% for all firms, at the median. Asset growth rates were higher than the 5-year compound annual growth rates over the period 2016 through 2020. Firms adapted quickly to new business practices in 2020: Strengthening client relationships virtually. Approaching business development differently. Leveraging opportunities for productivity gains. This year’s focus section centered around new client growth and tactics firms used to propel client acquisition during the pandemic. RIAs had success with digital business development, with over 70% of firms generating leads from their websites, virtual prospect events, and online advertising. 68% of all advisors met or exceeded their client growth goals. Top Performing Firms did even better, with 81% exceeding or meeting their new client goals. Looking ahead This icon identifies insights from the study that highlight the value of key management strategies that can help firms plan ahead. 1
2021 RIA Benchmarking Study from Charles Schwab 2
2021 RIA Benchmarking Study from Charles Schwab 3
Planning Advisors continue to prioritize client acquisition, with leveraging digital channels and recruiting new staff rising in importance. Rank Top strategic initiatives 2021 2020 Acquire new clients through client referrals 1 1 Recruit staff to increase firm's skill set/capacity 2 5 Enhance strategic planning and execution 3 4 Acquire new clients through business referrals 4 2 Acquire new clients through digital channels 5 10 Improve productivity with new technology 6 3 Results for all firms with 250 million or more in AUM that selected initiative as a top 3 priority. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 4
Planning Despite an unprecedented year, RIA firms saw continued growth, indicating a positive trajectory. Assets under management In millions Revenue Clients In thousands 3,793 791 383 2,578 1,860 439 228 14.5% 7.5% 4.7% 12.5% CAGR1 8.0% CAGR1 5.2% CAGR1 197 2015 1 298 in 2020 2020 in 2020 2025 2015 2020 in 2020 2025 2015 2020 2025 Median compound annual growth rate (CAGR) over the five-year period from year-end 2015 through 2020 for all firms with 25 million or more in AUM. Median results for all firms with 25 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 5
Planning Last year’s AUM growth rate exceeded the 5-year annualized growth rates for all peer groups. Assets under management (AUM) In millions Median results by peer group 5-Year AUM CAGR (year-end 2015 through 2020) 12.8% CAGR 13.2% in 2020 4,263 2015 (year-end) 2020 (year-end) 12.8% CAGR 13.1% 10.2% CAGR 12.0% CAGR 12.6% CAGR 12.5% CAGR 175 100M– 250M 191 350 250M– 500M 2,073 1,492 in 2020 in 2020 864 in 2020 in 2020 90 10.8% 14.1% 14.3% 15.1% in 2020 349 621 500M– 750M 787 537 750M– 1B 1B– 2.5B Over 2.5B Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 6
Planning Five-year revenue growth remained solid, supported by strong AUM performance in the prior year. Revenue In thousands Median results by peer group 5-Year revenue CAGR (year-end 2015 through 2020) 7.1% CAGR 2015 (year-end) 22,397 2020 (year-end) 7.9% CAGR 8.1% CAGR 7.5% CAGR 13,164 6.3% CAGR 7,849 8.8% CAGR 4,832 700 1,135 100M– 250M 1,310 2,130 250M– 500M 2,265 3,414 500M– 750M 4,820 3,157 750M– 1B 1B– 2.5B Over 2.5B Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 7
Planning Growth in clients remained consistent even as firms relied on virtual interactions to engage prospects and build relationships. Total clients Median results by peer group 4.7M 2020 Average assets per client ( M) 2015 (year-end) 2020 (year-end) 1,449 3.0M 986 722 2.4M 1.9M 1.6M 440 1.2M 114 161 100M– 250M 183 255 250M– 500M 260 344 500M– 750M 461 344 750M– 1B 1B– 2.5B Over 2.5B Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 8
Planning Top Performing Firms demonstrate more robust AUM growth than other firms. Median AUM Growth 26.0% 26.2% Top Performing Firms All other firms 20.1% 16.9% 20.1% 16.6% 5.9% 13.3% 9.8% -1.3% 2016 2017 2018 2019 2020 Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 9
Looking ahead Planning Organic growth reflects how clients and prospects respond to a firm’s value proposition, client experience, and strategy. Contribution of net organic asset growth to AUM growth Net organic growth AUM growth 26.0% 22.4% 20.1% 20.7% 20.5% 16.6% 13.7% 9.9% 12.3% 7.0% 4.9% 2019 11.4% 2020 Firms under 250M 2019 4.7% 2020 Firms over 250M 2019 2020 Top Performing Firms Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Median results. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 10
Looking ahead Planning Strategic and succession plans support firm performance and endurance, helping firms adapt to change. Firms with written strategic plan Firms with written succession plan 71% 73% 63% 53% 60% 41% Firms under 250M Firms over 250M Top Performing Firms Firms under 250M Firms over 250M Top Performing Firms Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 11
2021 RIA Benchmarking Study from Charles Schwab 12
Looking ahead Value Client retention remains high, and net assets from existing clients showed a strong uptick in 2020. Client retention in 2020 for firms across the study Net assets from existing clients (excluding investment performance) increased in 2020 97% 78% 67% 23% Firms under 250M Firms over 250M Top Performing Firms Median results. Existing client net flows include assets gained and lost from existing clients. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 13
Value Existing clients brought more net new assets to RIAs in 2020 than in the past five years. Firms under 250M Net assets from existing clients ( M) In millions Firms over 250M Net assets from existing clients ( M) In millions 10.0 2.5 2.0 1.0 2016 7.0 2.0 6.0 1.0 2017 2018 4.5 3.7 2019 2020 2016 2017 2018 2019 2020 Median results for all firms with less than 250 million in AUM and firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 14
Looking ahead Value Documenting an ideal client persona and client value proposition helps RIAs refine their offer and drive referrals. 68% Top Performing Firms Firms with a documented ideal client persona/profile (ICP) 59% Firms over 250M Firms under 250M 47% 70% Top Performing Firms Firms with a documented client value proposition (CVP) 59% Firms over 250M Firms under 250M 46% Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 15
Value Firms with written marketing plans, ideal client personas, and client value propositions attracted more new clients and assets. 50% More new clients in 2020 62% More new client assets in 2020 Median results for all firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 16
Looking ahead Value Top Performing Firms are more likely to have a documented marketing plan and spend more to execute their plans. 53% Top Performing Firms Firms with a documented marketing plan 47% Firms over 250M Firms under 250M 30% 2.1% Top Performing Firms Average marketing and business development spend as a percent of revenue Firms over 250M 1.6% Firms under 250M 1.6% Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 17
Looking ahead Value Top Performing Firms are also more efficient with their business development, requiring less staff time to acquire new clients. Top Performing Firms All other firms Annual hours spent to acquire a new client Cost of staff time per new client 4,217 45 38 Cost of staff time per new 1 million in assets 3,350 3,170 2,520 Median results for Top Performing Firms and all other firms. Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 18
Looking ahead Value Specialized services have increasingly become part of a firm’s offering. Firms offering service 85% 80% 73% 68% 75% 65% 75% 67% 36% 34% 29% 27% 2016 2020 Tax planning and strategy Bank deposits Estate planning Annuity products Charitable planning Family education Results from the 2017 and 2021 RIA Benchmarking Study from Charles Schwab. Results for all firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 19
2021 RIA Benchmarking Study from Charles Schwab 20
Looking ahead Operations Advisors leveraged opportunities for productivity gains during the pandemic. AUM per professional ( M) Clients per professional Annual hours per client for client service Annual hours per client for operations & administration 101 2020 99 2019 57 2020 53 2019 31 2020 34 2019 2020 2019 16 17 Top Performing Firms Manage 59 clients per professional Spent 12 hours per client for operations and administration, 25% less time than firms with over 250 million in AUM Results from the 2020 and 2021 RIA Benchmarking Study from Charles Schwab. Median results for all firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 21
Looking ahead Operations Moving forward, firms anticipate engaging with some clients virtually even when in-person interactions resume. Percent of clients engaging with staff completely virtually 90% during Q1 2021 50% when COVID-related restrictions are lifted Median results for all firms with 25 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 22
Looking ahead Operations Technology was essential for client connections and operations during the pandemic. Firms using technology systems 2016 Technology systems selected as having greatest impact or ROI in 2020 99% 99% 92% 2020 96% 89% 78% 85% 81% 75% 70% 68% 52% Portfolio management system Client relationship management (CRM) system Financial planning system Portal to share Trading and rebalancing Document management information with clients system system Results from the 2017 and 2021 RIA Benchmarking Study from Charles Schwab. Median results for all firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 23
Looking ahead Operations Leveraging CRM systems can help serve clients more consistently and streamline communications. Firms with three or more data sources or systems integrated with CRM Firms with standardized workflows within CRM for over 50% of tasks 54% 43% 32% 31% Firms under 250M 45% 44% Firms over 250M Top Performing Firms Firms under 250M Firms over 250M Top Performing Firms Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 24
Looking ahead Operations Tracking prospecting results and refining tactics helps ensure firms are allocating their marketing resources effectively. Firms that track metrics to measure progress towards new client growth Percent of leads closed1 Top Performing Firms All other firms TOP PERFORMING FIRMS 60% 75% 60% 60% ALL OTHER FIRMS 57% 53% 55% 49% 48% 42% 41% 27% Source of inquiries General inquiries from prospects Qualified leads Status of prospects in sales funnel Lead conversion rate 1 Median results for firms that track their lead conversion rate. Results for Top Performing Firms and all other firms. Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 25
Looking ahead Operations Advisors are taking key steps to strengthen their cybersecurity programs, protecting their clients and firms. Firms with cybersecurity activity implemented 94% 76% 60% 49% Client education Consulting Cybersecurity insurance Employee training Results for all firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains selfreported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 26
Operations Profit margins remained robust for firms of all sizes in 2020. Standardized operating income margin Median results by peer group (AUM) 33.3% 27.5% 28.1% 100M– 250M 250M– 500M 32.2% 27.7% 500M– 750M 750M– 1B 27.5% 1B– 2.5B Over 2.5B Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 27
2021 RIA Benchmarking Study from Charles Schwab 28
Brand Despite the challenges of 2020, firms succeeded in achieving their new client growth goals. 68% of all firms in the study met or exceeded their new client growth goals 81% of Top Performing Firms met or exceeded their new client growth goals Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Results for all firms with 25 million or more in AUM that reported tracking their new client growth goals. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 29
Brand Firms were successful in maintaining their level of new client assets. Firms under 250M Assets from new clients ( M) Firms over 250M Assets from new clients ( M) In millions 5.0 4.0 2016 4.3 2017 In millions 5.1 17.7 4.0 2018 21.0 2019 2020 2016 2017 23.0 23.0 19.7 2018 2019 2020 Median results for all firms with less than 250 million in AUM and firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 30
Looking ahead Brand Firms pivoted to virtual business development and tried new tactics to maintain their level of new client assets in 2020. Firms using digital tactics for prospecting Top Performing Firms All other firms 82% 71% Over one-third of all firms implemented these tactics for the first time in 2020 71% 58% 61% 50% 47% 38% 41% 32% 22% 20% 14% 13% Website Email and email campaigns Social media Blog Webcasts/ webinars/ seminars Online advertising Virtual events with clients inviting friends 10% 7% Podcast 7% 5% Virtual events with prospects only Results for Top Performing Firms and all other firms. Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 31
Brand RIAs had success in generating leads digitally, with nearly 80% of firms converting some prospects completely virtually in 2020.1 Percent of firms generating leads from digital tactics2 Over two-thirds of all firms reported generating leads from these tactics 80% 68% 67% 58% 75% 72% 58% 54% 47% Website Email and email campaigns Social media Blog Webcasts/ webinars/ seminars Online advertising Virtual events with clients inviting friends Podcast Virtual events with prospects only 1 Based on firms that converted one or more prospects into clients completely virtually in 2020. 2 Based on firms that track leads and indicated generating one or more leads from tactic. Results for all firms with 25 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains selfreported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 32
Looking ahead Brand With websites serving as the new “front door” during the pandemic, firms optimized them to attract and engage prospects. Features firms have implemented to optimize website for lead generation Firms under 250M Firms over 250M Top Performing Firms 52% 51% 48% 51% 47% 49% 47% 39% 38% 34% 33% 47% 46% 42% 36% Content designed for ideal client persona Website metrics and analytics 37% 33% 28% Search engine optimization 42% 40% 27% Lead capture form Blog Social media buttons Video Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 33
Looking ahead Brand Looking ahead, advisors anticipate leveraging both virtual and in-person business development strategies. Percent of prospects engaging with staff completely virtually 90% during Q1 2021 30% when COVID-related restrictions are lifted Median results for all firms with 25 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 34
Looking ahead Brand Top Performing Firms saw twice the growth in assets from new clients, driven by their marketing and client referrals. Asset growth from new clients by source 7.4% 2.8% 2.0x more growth 1.0% 3.6% 3.6% 1.0% 0.6% Other marketing COI/business partner referrals Existing client referrals 2.0% Top Performing Firms All other firms Results for Top Performing Firms and all other firms. Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 35
Brand The 5-year net organic CAGR for Top Performing Firms indicates successful long-term strategies. Top Performing Firms All other firms Multiple 5-year net organic assets CAGR 13.9% 4.7% 3.0x 5-year revenue CAGR 14.7% 7.0% 2.1x Net asset flows in 2020 25 million 12 million 2.1x Number of new clients in 2020 22 14 1.6x Assets from new clients in 2020 19 million 11 million 1.7x 50,000 32,000 1.6x New revenue per professional in 2020 Median results for Top Performing Firms and all other firms. Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Study from Charles Schwab 36
Looking ahead Brand Referrals account for a majority of new clients, yet fewer than half of firms document referral plans. 45% Top Performing Firms Firms with a documented referral plan for existing clients 39% Firms over 250M 28% Firms under 250M 32% Top Performing Firms Firms with a documented referral plan for business partners 30% Firms over 250M Firms under 250M 16% Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self-reported data from 1,340 firms. Participant firms represent various sizes and business models categorized into 7 peer groups by AUM. 2021 RIA Benchmarking Stud
2021 RIA Benchmarking Study from Charles Schwab. Median results for all firms with less than 250 million in AUM and firms with 250 million or more in AUM. Past performance is not an indicator of future results. 2021 RIA Benchmarking Study from Charles Schwab, fielded January to March 2021. Study contains self -reported data from 1,340 firms.
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