Revenue and client numbers in the RIA industry are rising, with AI being utilized for administrative support and marketing while human referrals remain the dominant lead generation method, accounting for about 69%. Nearly 70% of firms reported using AI, especially top performers who leverage technology to enhance client service as they scale. As RIA firms grow, they adapt their tech and operational strategies to manage increased complexity and demand, ensuring continued success and efficiency in their services.
One [change] that I always look at every single year is, 'Where's the growth coming from?' And it's remarkable that it's still client referrals ... making up about 69%.
So that really hasn't changed, even with all this digital marketing, all the podcasts people are doing. That is really interesting.
Top-performing firms - those that rank near the top of Schwab's index - outsource operational duties to AI and spend more time on client service.
When you're really small, you have all this room. Your systems have plenty of capacity, and your office space is great, and your website's looking good.
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