Fostering success: 2024 Benchmarking Study insights
Results from the 2024 report show the enduring strength of RIAs. With 1,304 independent advisory participants, the study is rich with industry, firm, and client insights. Here, you can explore key findings alongside our Guiding Principles for Advisory Firm Success and discover opportunities for your own business.
Effective planning and execution is a leading indicator of success.
The RIA industry continues to demonstrate strong long-term results. Having a strategic plan—a powerful tool that Top Performing Firms more often have in place to support firm performance—is key. In fact, benchmarking research shows that Top Performing Firms saw twice as much annualized revenue growth, and net asset flows contributed nearly three times more to their overall AUM growth over the past five years compared with all other firms.
RIA 5-year growth metrics¹
Value is defined through your clients' eyes.
Understanding the ideal client, what they value in an advisor, and how best to reach them can help firms maximize their marketing investment. Results consistently show that firms with a documented ideal client persona, client value proposition, and marketing plan gained more new clients and new client assets than firms without them. Having an intentional plan to collect client feedback can support organic growth efforts from existing clients. In fact, firms that collected client feedback during client interviews gained 26% more assets from existing clients in 2023.2
Firms with a documented ideal client persona, client value proposition, and marketing plan
Top channels used to collect client feedback
Organic growth from new and existing clients
Operational excellence creates greater capacity for clients.
Optimizing digitization can help firms automate operations and facilitate scalable growth, leading to productivity gains. But delivering high-touch service at scale isn't just about automating wherever possible but about identifying technology that can create efficiencies and help enhance the relationship. Integrating systems and standardized workflows within a firm's CRM system, which Top Performing Firms do more often, can help support efficiency efforts.
Productivity gains for firms over $250M
Client relationship management (CRM) integration
Your reputation is your brand.
Referrals from clients and centers of influence (COI) remain the leading driver of organic growth, accounting for 67% of new clients and new client assets in 2023.3 Setting referral goals from these sources, measuring performance against those goals, and putting the plans in writing can make a big difference. Results repeatedly show that firms with documented referral plans typically achieved stronger new client outcomes from those channels. Digital marketing strategies are also integral to new client growth, and understanding which drive qualified leads can help firms identify the most effective tactics.
Drivers of new client asset growth in 2023
Tactics to support referral strategies
Digital marketing tactics
People are your most important asset.
Investing in and developing talent are critical for long-term success. A compelling employee value proposition (EVP)—which explains what a firm offers its employees in return for the skills, capabilities, and experiences they bring—can help attract prospective employees and keep current staff thriving and growing. Top Performing Firms are more likely than other firms to have documented their EVP.
Elements offered by firms to support their EVP
Staff attrition in 2023
From the archives
Take a look back at last year's data.
Participate in 2025
Knowledge is power. When you're faced with key business decisions, understanding data and best practices from other firms can make all the difference. Insights from the annual RIA Benchmarking Study can provide you with what you need to drive your firm forward and optimize how you serve clients.
The RIA Benchmarking Study is the largest study of its kind focusing on independent RIAs—our 2024 study compiled data from 1,304 advisory firms representing $2 trillion in assets under management. Participating RIAs can compare their firms' performance on hundreds of key metrics with those of their peer group to track progress against strategic goals and identify opportunities.
Contact Schwab Advisor Services or visit our resources below to learn more about taking part in the 2025 RIA Benchmarking Study.
1. Median results and compound annual growth rates (CAGR) over the 5-year period from year-end 2018 through 2023 by peer group (based on AUM).
2. Median results for firms with $250 million or more in AUM that conduct one-on-one interviews compared with those firms that do not.
3. Results for firms with $25 million or more in AUM.
4. Includes mergers and acquisitions and advisor joins.
Data represents median results by peer group (based on AUM) unless otherwise noted. Top Performing Firms are those that rank in the top 20% of the Firm Performance Index. The index evaluates all firms in the study according to 15 metrics to arrive at a holistic assessment of each firm's performance across key business areas.
About the 2024 RIA Benchmarking Study
Schwab designed the RIA Benchmarking Study to capture insights in the RIA industry based on survey responses from individual firms. The 2024 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 4,800 firms have participated, with many repeat participants. Fielded from January to March 2024, the study contains self-reported data from 1,304 firms that custody their assets with Schwab and represents $2 trillion in assets under management, making this the leading study in the RIA industry. Schwab did not independently verify or validate the self-reported information. Participant firms represent various sizes and business models. They are categorized into peer 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 firms.
Past performance is not an indicator of future results.
For general informational and educational purposes only.