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September 08, 2023 at 11:41 AM
Neither the down stock market nor high inflation got in the way of the financial advisory industry’s continued expansion in 2022, SmartAsset reported this week.
The industry now comprises more than 15,000 investment advisors registered with the Securities and Exchange Commission, nearly double the number 20 years ago, the report said, citing Investment Adviser Association data.
Some advisors have expanded their practices more quickly than others over the past few years, according to the report. To identify the 100 fastest-growing firms, SmartAsset analyzed SEC data from 2020 to 2023 for RIAs across four metrics: one- and three-year percent change in number of client accounts and one- and three-year percent change in assets under management.
Researchers considered only firms that have at least $500 million under management, offer financial planning services and have no disclosures on their record. They excluded firms that underwent a merger or acquisition between 2020 and the present.
The study found that the 100 fastest-growing firms increased their client accounts by 52% in the last year, and grew their assets under management by an average of 25% year over year. These RIAs have also seen their client bases and assets under management more than triple since 2020.
See the gallery for the 12 firms with the largest three-year growth in AUM, according to SmartAsset.
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