Lots of the largest corporations within the trade have targeted on inorganic development lately, with mergers and acquisitions exercise breaking new data. However these corporations have additionally targeted a lot of their power and cash on an natural development technique.
It’s exhausting to do each nicely, however a latest examine by WealthManagement.com in cooperation with Commonwealth Monetary Community supplies some clues as to what’s driving agency development this yr.
General, the examine signifies that almost all advisor practices are rising. On common, respondents reported an annual development fee of 11.3% in 2023, up from 9.4% in 2022. A few of that development, after all, was attributable to market appreciation, with the S&P 500 Index up 26% in 2023.
Wealth Administration IQ, a division of WealthManagement.com, performed the emailed survey from Could 22, 2024 to June 11, 2024, and acquired 453 responses. Respondents had been from quite a lot of trade channels, together with IBDs (32%), RIAs (29%) and hybrid corporations (26%). Monetary planners or funding advisors (43%) and homeowners or homeowners/advisors (34%) had been essentially the most generally held roles.
Click on via for the highest takeaways from the Driving Agency Progress 2024 examine.