Numbers Game

Numbers Gameblog

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

Dec 4, 2016, 9:45 AM EST

Top regional fee-only RIAs

By IN Research

RankFirmPhoneWebsiteTotal assets ($M)Total accountsEmployees1Silvercrest Asset Management Group(212)$31,199.21,0681172Veritable(610)$13,588.52,999853BBR Partners, LLC(212)$10,858.42,552954Summit Rock Advisors, L.P.(212)$10,735.0100515Rockefeller & Co., Inc.(212)$10,497.42,7321546Tiedemann Wealth Management, LLC(212)$8,342.2407857TAG Associates LLC(212)$8,125.41,186678Anchor Capital Advisors LLC(617)$8,104.724,359499Boston Private Wealth LLC(800)$7,108.57,28014010Pinnacle Associates, Ltd.(212)$6,020.83,7355011Athena Capital Advisors LLC(781)$5,998.74464712Ballentine Partners(781)$5,989.73,3765513KLS Professional Advisors Group,... Read full post

Nov 27, 2016, 4:55 PM EST

Independent broker-dealers boost tech spending

By IN Research and Ellie Zhu

In a survey fielded late this summer, InvestmentNews found that the typical independent broker-dealer spent $13.6 million on technology in 2015, representing 7.1% of their total operating expenses and 2.2% of their annual revenues. With the importance of technology rising, IBDs projected they would end this year, on average, having spent 12% more than last year. And increases are expected to continue in the new year.The survey, which informs these graphics, covers tech plans of IBDs represented by 51 parent firms with medians of $170 million in revenue and 755 affiliated registered representatives in 2015. For more information on firms from whom we collect quarterly data, visit Read full post

Nov 21, 2016, 10:04 PM EST

Women-owned advisory firms outperform their peers

By AnnMarie Pino and Matt Sirinides

InvestmentNews Research conducts an annual benchmarking study, shifting its focus each year between financial performance and compensation and staffing. Last year, we collected staffing and salary benchmarking data for firms from 2014, including the gender of all staff members, and that data yielded interesting findings about the careers of women who own and work at independent advisory firms. This year, in our 2016 InvestmentNews Financial Performance Study, sponsored by Pershing Advisor Solutions, we collected 2015 data that included not only firms' income statements and their client, asset, revenue and profit information, but also data on their fees and services, growth strategies, business development and marketing strategies, and equity management practices.For a snapshot of how women differ in those areas from their male counterparts, we used information on the gender of firm owners to identify women-owned advisory firms, defined ... Read full post

Oct 26, 2016, 11:18 AM EST

Advisory firms have grown larger than ever, leading to a decrease in professional productivity

By AnnMarie Pino

For the second year in a row, professional productivity has declined at the typical advisory firm: it is down 21% from a 2013 high, and lower than it was in 2011. In the 2016 InvestmentNews Financial Performance Study, conducted in partnership with the Ensemble Practice and sponsored by Pershing Advisor Solutions, the relationship between advisory firm growth and client relationships was explored. Productivity measures the utilization of your most valuable resources: your employees. Adviser and total staff productivity are measured in terms of the amount of revenue managed by the number of people you employ. In 2015, revenue per professional was $442,000, an 8% decrease since 2011. At the same time, revenue growth continues, albeit at a slower rate. So how are firms continuing to grow if their productivity has taken a hit in recent years?... Read full post

Oct 12, 2016, 11:14 AM EST

Despite having the tools, most financial advisers don't track sales leads

By Matt Sirinides

In our 2016 InvestmentNews Financial Performance Study, which we conducted in partnership with the Ensemble Practice and which was sponsored by Pershing Advisor Solutions, we benchmark the client conversion rates for firms for the first time. Exploring that data can help any firm improve their chances for meaningful growth. THE DATAIn an era where the most commonly used software at an advisory firm is the CRM — somewhere in the realm of nine out of 10 advisers have one, according to our most recent technology study — it's a shock to learn that sales leads aren't tracked by the majority. Just 38% of firms said they formally tracked leads at their firm.... Read full post

Aug 11, 2016, 11:16 AM EST

2016 custodians and clearing firms ranking

By InvestmentNews Data

Clearing Firms listed by number of broker-dealer clients FirmWebsite# of clients% change vs. 2015ContactPhoneEmailPershing Row(800) Correspondent Servicesrbc-cs.com1873.90%Greg Plifka(888) 524-9800greg.plifka@rbc.comHilltop Securities Inc.HilltopSecurities.com17831.90%Lana Calton(214) 859-9228lana.calton@hilltopsecurities.comCOR Clearing LLCcorclearing.com1022.00%Michael Scaplen(732) 635-2490michael.scaplen@corclearing.comApex Clearing Corp.apexclearing.com10025.00%Scott Daspin(214) 953-3596sdaspin@apexclearing.comWedbush Securities Inc.wedbush.com100-16.70%Sean Thompson(213) 688-4578sean.thompson@wedbush.comFirst Clearing LLCfirstclearing.com73-5.20%David L. Williams(888) 322-2532david.l.williams@firstclearing.comSterne Agee Clearing Inc.sterneagee.com50-37.50%Damon B. Joyner(205) 271-6208djoyner@sterneagee.comRaymond James &... Read full post

Aug 2, 2016, 11:13 AM EST

Assets in robo-advice channel surge, as more RIAs prepare to jump in

By InvestmentNews Research

The following is an excerpt from the InvestmentNews/BlackRock 2016 Elite RIA Study. It is the second iteration of a research initiative that seeks to identify the primary drivers of growth and success at the largest and most successful registered investment advisory firms. Click here to download the full study.The rise of robo-advice platforms over the last year has been significant. Assets in the robo-channel have increased to $150 billion, a 61% increase during the 12-month period ending March 31, according to our research. We expect this rate of growth to maintain, if not accelerate, in the near term, as assets continue flowing to this still nascent model, particularly as more large financial services organizations and private-equity firms invest in robo-offerings and deliver them directly to the mass market. Traditional financial advisory firms have been slow to embrace and adopt robo-technology, but our study found that a... Read full post

Jun 10, 2016, 1:59 PM EST

The research behind why business development is so crucial to your firm's success

By Matt Sirinides

Research from InvestmentNews' annual benchmarking study shows that business development – a term for the formal prospecting and client acquisition process – becomes a necessary source of growth for independent advisory firms as they scale. Our data shows that the practice gradually supplants traditional referrals, and the firms who succeed the most in this area distinguish themselves as the largest and most profitable firms in the industry. (Is your firm a top performer? Find out now by participating in our 2016 benchmarking study: Read full post

Dec 14, 2015, 2:43 PM EST

Industry responses to confronting advice's diversity issues reveal racial divide

By Matt Sirinides

As is often the case with many questions, the answers all depend on who you're asking. Are minority communities under-served by financial advisers? Are advisers who don't target minority communities missing out on a growth opportunity? When we recently surveyed advisers for InvestmentNews' feature on diversity, we sought to learn how race was viewed not only in their practices, but also in the industry at large. The results indicate the advice industry is no exception to the divided perceptions surrounding race that persist in American public opinion.Below are advisers' responses to an attitudinal battery of questions, broken down by respondent race.... Read full post

Nov 1, 2015, 12:01 AM EST

The best- and worst-performing target date funds

By InvestmentNews Data

Target Date 2011-2015 Top 10 3-month return1-year return3-year return5-year returnNet assets ($M)Expense ratio*JHancock Retirement Choices at 2015 1 (JRFOX)-0.62%0.95%2.04%3.78%$401.40.50%Putnam RetirementReady 2015 A (PRRHX)-1.59%0.48%3.81%4.42%$47.70.93%Wells Fargo Advtg DJ Trgt 2015 Inv (WFQEX)-1.69%-1.35%2.02%3.51%$765.90.89%MFS Lifetime 2015 A (LFTDX)-2.32%-0.17%N/AN/A$47.90.84%KP Retirement Path 2015 Institutional (KPRAX)-2.34%0.39%N/AN/A$490.30.37%Great-West Lifetime 2015 I T (MXLTX)-2.88%-0.62%3.62%5.21%$151.90.84%JPMorgan SmartRetirement Blend 2015 R5 (JSBWX)-2.93%-0.58%4.71%N/A$59.40.50%Schwab Target 2015 (SWGRX)-2.94%0.56%5.54%6.68%$113.10.53%Great-West Lifetime 2015 II T (MXLVX)-3.54%-0.73%4.58%6.03%$950.30.87%AllianzGI Retirement 2015 A (AZGAX)-3.55%-3.65%1.09%3.33%$30.90.97%Bottom 5AB 2015 Retirement Strategy A (LTEAX)-6.88%-4.58%4.44%5.08%$71.10.98%Franklin LifeSmart 2015 Retire Trgt A (FTRAX)-5.56%-3.46%4.09%4.99%$77.... Read full post

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