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About the RIA Benchmarking Study

Schwab designed this study to capture insights in the Registered Investment Advisory (RIA) industry based on survey responses from individual firms. The study provides information on topics such as asset and revenue growth, sources of new clients, products and pricing, staffing, compensation, marketing, technology, and financial performance. Since the inception of the study in 2006, more than 3,700 firms have participated, with many repeat participants. A total of 1,010 advisory firms representing $1.1 trillion dollars participated in 2020, making this the leading study in the RIA industry. The RIA Benchmarking Study comprises self-reported data from advisory firms that custody their assets with Schwab. Schwab did not independently verify or validate the self-reported information. Participant firms represent various sizes and business models. They are categorized into 12 peer groups—7 wealth manager groups and 5 money manager groups, by AUM size. The study is part of Schwab Business Consulting and Education, a practice management offering for RIAs. Grounded in the best practices of leading independent advisory firms, Business Consulting and Education provides insight, guidance, tools and resources to help RIAs strategically manage and grow their firm.