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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
