Retiring boomers lead to increase in number of RIA firms, clients and AUM
Who says financial advisers are going the way of the dodo bird? It turns out that the need for advice is stronger than ever, thanks to the flood of baby boomers at or near retirement.
The 15th annual Evolution Revolution study by the Investment Adviser Association and National Regulatory Services, which analyzes Securities and Exchange Commission-registered investment advisers, found that the financial advisory industry is growing across the board in terms of the number of RIA firms, clients and assets under management.
In fact, the number of non-clerical jobs has increased by 31,000 in a year's time — an upswing of 4.3% year-over-year, with the industry employing more than 750,000 people, according to the study, which was based on data from Form ADV, Part 1 filed by all SEC-registered investment advisers as of April 8.
"One of the things that [the numbers] tell me is that there is an increasing need for this particular business," said John Gebauer, the president of NRS. "There is a great demand for financial advice and financial planning."
Over the last year, the number of advisory firms risen the most in four years — 5.4% — to reach a total of 11,473 firms. Read more on InvestmentNews.