Top RIAs: Your market research begins at home
Investment advisers spend their time trying to deliver a better life or a more fulfilling retirement for their clients
Investment advisers spend their time trying to deliver a better life or a more fulfilling retirement for their clients.
But how much time do advisers spend on research for their own business? Have they gathered data about their home market or the market in which they would like to operate? The potential customer base in Portland, Maine, for example, is decidedly different from that in Portland, Ore.
For that reason, we have provided an in-depth look at four cities — Boston, Chicago, Miami and San Francisco — in this installment of RIA Regional Rundown. The cities are major hubs in their regions, and prominent centers for financial advice.
Thinking of opening or expanding a practice in Miami? You’d better have at least a working knowledge of Spanish, which is the first language for more than 60% of the population.
What about Boston? New England’s largest city is older than the republic itself, but its population is relatively young — 69% of Bostonians are 44 or younger. Beantown has also survived the recession in relatively good shape. Its 7.3% unemployment rate is well below the nation’s average of 9.6% — something to keep in mind if you’re looking for a place to hang your shingle.
Take a look at all four cities. Even if you don’t decide to relocate, you might start to look at your own market more closely and identify those characteristics that may help your business grow.
— Robert Hordt, assistant managing editor
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