Numbers Game

Numbers Gameblog

Latest research and trends from around the financial advisory business, updated regularly highlighting stats, charts, infographics and all things data.

Aug 4, 2018, 6:00 AM EST

Survey: Advisers more proactive about adding diversity

By Ellie Zhu

A lack of diversity in the financial advice business is a problemMy firm actively pursues recruiting minorities for client-facing positions... Read full post

Jul 21, 2018, 10:27 AM EST

How advice is changing

By Ellie Zhu

Adviser use of exchange-traded funds continues to rise, as does their interest in investments that take environmental, social and governance factors into consideration. Various surveys over the last couple decades bear out this trend.... Read full post

Jun 9, 2018, 6:00 AM EST

Top fee-only RIAs by state

By Ellie Zhu

State/top 3 firms# of fee-only RIAsTotal assets ($M)/market shareDiscretionary assets ($M)/market shareNondiscretionary assets ($M)/market share1California343$501,079.6$444,786.3$56,293.31Financial Engines Advisors33.8%38.1%0.0%2Hall Capital Partners7.3%2.4%45.8%3Aperio Group4.8%5.4%0.0%2New York127$192,365.5$144,464.1$47,901.41Silvercrest Asset Management Group11.1%11.1%11.2%2Rockefeller & Co. Inc.8.2%10.7%0.6%3BBR Partners7.4%8.5%4.1%3Washington72$151,274.2$142,061.2$9,212.91Fisher Investments63.5%67.6%0.0%2Brighton Jones3.3%3.4%0.9%3Freestone Capital Management2.8%2.5%6.8%4Massachusetts120$138,937.6$116,669.5$22,268.11Appleton Partners Inc.6.6%7.8%0.0%2Boston Private Wealth5.3%6.0%2.1%3Loring Wolcott & Coolidge Fiduciary Advisors5.2%6.0%0.9%5Illinois92$95,235.9$69,256.8$25,979.21Brownson Rehmus & Foxworth Inc.11.8%0.0%43.3%2RMB Capital Management8.6%10.8%3.0%3Gresham Partners, LLC7.3%6.1%10.5%6Texas124$83,638.4$73,934.... Read full post

Jun 9, 2018, 6:00 AM EST

Biggest RIA gainers

By Ellie Zhu

Rank 2018% change2018 TotalDiscretionaryNondiscretionaryFirmPhone/websiteassets ($M)accountsassets ($M)accountsassets ($M)accountsEmployees1Breed's Hill Capital1 Thompson Square, Suite 301Boston, MA 02129(617) 580-3440breedshillcapital.com321%$1,126.30 348$29.10 8$1,097.10 3404
2AE Wealth Management2950 SW McClure Road, Suite BTopeka, KS 66614(866) 363-9595wealth.advisorsexcel.com304%$2,759.10 28,483$2,759.10 28,483$0.00 0231
3Bridges Investment Management Inc.256 Durham Plaza, 8401 W. Dodge RoadOmaha, NE 68114(402) 397-4700bridgesinv.com194%$3,462.30 1,392$3,360.60 1,301$101.60 9125
4AdvicePeriod2121 Avenue of the Stars, Suite 2400Los Angeles, CA 90067(424) 281-3600adviceperiod.com141%$2,266.40 2,146$2,261.70 2,140$4.70 646
5Private Capital Management210 University Blvd., Suite 400Denver, CO 80206(303) 370-0055pcm-inc.com121%$1,140.90 3,006$1,140.70 3,002$0.30 419
6Berman Capital Advisors3475 Lenox Road,... Read full post

Jun 9, 2018, 6:00 AM EST

Largest fee-only RIAs

By Ellie Zhu

Rank 2018 2018 Total Discretionary Nondiscretionary Firm Phone/website assets ($M) accounts assets ($M) accounts assets ($M) accounts Employees 1Financial Engines Advisors1050 Enterprise Way, Third FloorSunnyvale, CA 94089(408) 498-6000financialengines.com$169,400.0 1,245,244$169,400.0 1,245,244$0.0 0939
2Fisher Investments5525 NW Fisher Creek DriveCamas, WA 98607-9911(800) 851-8845fisherinvestments.com$96,031.6 42,863$96,031.6 42,863$0.0 01,522
3Hall Capital PartnersOne Maritime Plaza, Suite 500San Francisco, CA 94111(415) 288-0544hallcapital.com$36,391.9 170$10,615.0 57$25,776.9 113142
4Chevy Chase Trust Company7501 Wisconsin Ave., 15th FloorBethesda, MD 20814(240) 497-5000chevychasetrust.com$29,990.6 3,577$29,990.6 3,577$0.0 088
5Aperio GroupThree Harbor Drive, Suite 204Sausalito, CA 94965(415) 339-4300aperiogroup.com$23,817.2 4,290$23,817.2 4,290$0.0 0826Edelman Financial Services4000 Legato Road,... Read full post

May 17, 2018, 1:43 PM EST

What do we really know about our businesses?

Dataperformance-Main

By Philip Palaveev

My wife makes fun of me all the time for my use of numbers. She says that if I declare my business has reached $1 million, this means we are at $750,000; if I say there are 30 minutes left in a boring trip, that means there are two hours; if I say we only have a mile to hike, it means we have another 3 miles of climbing. She has a point. I swear I have no intention to distort reality or to mislead her (or my kids) — it's just that I seem to have this bias that drives me to be overly optimistic. It's not that I am not a numbers person — on the contrary. I just tend to see the numbers I want to see.Business owners always have a bias when they look at their business, much as parents always have a bias when they look at their children and investors have a bias when they look at their own portfolios. The sources of biased judgement for investors are well-studied now and rapidly incorporated in financial planning practices, and ... Read full post

May 15, 2018, 11:43 AM EST

Seven areas where smaller advisory firms are doing better, according to employees

growth-main

By Matt Sirinides

Below are seven statements from our "Best Places to Work for Financial Advisers" employee engagement survey where staff at small independent advisory firms (15-29 headcount) were more likely to agree, rating their organization more positively, than staff at larger firms (50+ headcount). Agreement rates are high overall — these are winning firms, after all — but variances, even at such lofty levels of positive perception, can point to winning advantages for firms in growth mode.All "Best Places" winners, by three firm size categories, are represented below, as are the firms who applied to the program but did not land in the top 50.... Read full post

May 15, 2018, 4:00 PM EST

Culture can slip as firms grow

Arrrow-main

By Matt Sirinides

Scaling an advisory business is no easy task, not least because of a shortage of advisory talent necessary to fuel growth. And existential threats such as fee compression, industry consolidation, technological disruption, generational shifts, regulatory concerns and heightened competition for the best clients and talent just add to the concerns. If all that doesn't make growing successfully seem difficult enough, data from InvestmentNews' inaugural class of "Best Places to Work for Financial Advisers" demonstrates that cultivating a company culture and set of benefits that maximize staff satisfaction and engagement — and ultimately retention — becomes harder to maintain as the organization grows. The data, collected in late 2017, consisted of employee responses to a survey of 78 statements. The data showed that staff of small firms were more likely to post higher rates of agreement, in aggregate — thereby resulting ... Read full post

Apr 28, 2018, 9:46 AM EST

Alternatives by the numbers

By Ellie Zhu

Portfolio allocations to alts among individual investors average less than 10%, compared with about 30% among institutional investors and even more among the largest university endowments. But interest in alts is rising, and advisers will play a role in boosting the average as they educate more clients about them. The data suggest ways to do that and what motivates advisers. Unless otherwise noted, all data come from a November 2016 survey of about 400 advisers, “Alternatives in the Mainstream,” a white paper by InvestmentNews Research and Blackstone.... Read full post

Apr 20, 2018, 11:45 AM EST

Yes, technology is important to young investors. But they value advisory relationships, too

Cetera-main

By AnnMarie Pino

Increased options for online advice have many wondering how the future of the financial advice industry will be shaped. Robo-advice is gaining traction both in stand-alone platforms as well as direct offerings from advisers. As younger and more technology-savvy generations create and inherit wealth, the potential for clients to move away from traditional advice seems inevitable. However, as the new white paper from InvestmentNews Research and Cetera, "Advice Alpha," notes, the client-adviser relationship has not become obsolete. In addition to hosting a roundtable of leading advisers, InvestmentNews Research conducted an investor survey that received over 1,600 responses, primarily from mass affluent and high-net-worth individuals, to learn about investors' needs and how top advisers are preparing to meet them. When asked, on scale of one to 10, how likely they were to recommend their financial adviser to a friend or family member, the ... Read full post

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