The fee-only model has flourished in recent years – and RIAs are leading the way.
Assets under management at fee-only firms have grown at an average annual rate of 9.5% since 2019, to $2.9 trillion, while the number of client accounts has grown 10% on average to 4.1 million.
InvestmentNews is delighted to recognize 75 winners that have led the segment in growth over the past three years. We selected the Fastest-Growing Fee-Only RIAs based on data reported to the Securities and Exchange Commission on Form ADV. The full methodology can be found at the bottom of the report.
For Destiny Wealth Partners, which manages more than $805 million of assets and has enjoyed a three-year growth rate of 234.8%, its success comes down to culture.
Founder and CEO Thomas Ruggie says, “Our prevailing attitude is to get stuff done. It all boils down to creating effectively what I would want if I were the client sitting on the other side of the table.”
However, it’s been more than words that have created that type of atmosphere. A few years ago, Destiny adopted the Entrepreneurial Operating System platform for its executive team.
“It basically helps us determine our goals by working backward. We can say, ‘What are our 10-year, three-year or one-year goals?’” Ruggie said.
Brightside Advisory Partners, which manages more than $747 million and had a three-year growth rate of 284.7%, are crystal clear about the type of clients it wants to work with.
The firm targets entrepreneurs and business owners, general partners at private investment funds, and multigenerational wealth. “If you don’t fall into one of those buckets, there are other folks that might serve you really, really well, but that’s not where we’re spending our time,” Justin Bakewell, chief revenue officer and partner at the firm.
Referrals from centers of influence may open the door, but the real key to success for advisors comes from clarity about their ideal clients and where they want to show up.
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