Independent registered investment advisers are looking for a few good men and women. Nearly 40% of Independent RIAs plan to add additional staff within the next 6 months, with 25% of those firms looking to hire a female adviser to help attract and retain female clients, according to a new survey by TD Ameritrade Institutional.
The expected increases are thanks to an upswing in revenue and a growing number of clients and assets coming in from commission-based firms. The more than 500 RIAs surveyed reported an average annual revenue growth of 15%. They also expect 57% of new client assets to come from the commission-based world, up from 55% a year ago.
“Adding staff is a very important process for each advisor. As business owners, RIAs share a common goal of finding a balance of talent, skill and personality to fit within their current culture and values,” said George Tamer, director, strategic relationships, TD Ameritrade Institutional. “The survey mirrors what we've been hearing from advisors, who say successfully cultivating new staff in an advisor's business can be a difficult task, but in the end, it is essential for growth.”