Top 6 tech tools adopted by RIAs during the pandemic
The fastest growing RIAs embrace tech at higher rates than their peers, according to Charles Schwab’s 2020 RIA Benchmarking study.
Top-performing firms — those that rank in the top 20% of Schwab’s firm performance index — had the highest amount of digital adoption of tools like e-signature, virtual client meetings and screen sharing. Those top performing firms, too, had a higher net organic growth rate, meaning assets of new clients minus assets of departed clients, of 12.9% in 2019 compared with 7.6% in 2018.
The study was based on a survey of 1,010 firms with a total of $1.1 trillion in AUM that was conducted between January and April. But 75% of the study’s respondents took the survey after March 1.
“The pandemic is definitely in the backdrop of the results,” said Lisa Salvi, vice president of business consulting and education at Schwab Advisor Services.
Click through to see the six tech tools that had the highest adoption among top-performing RIAs looking to enhance their clients’ experience.