Independent RIAs Attract More Clients from Larger Rivals

According to a survey by TD Ameritrade, independent advisors increased their roster of clients over the last six months.

Why? The independent advisor continues to resonate with investors: 

• RIAs’ independent – no product of the month to sell
• Fee-based – vs hidden fees / commissions
• Fiduciary approach to wealth management – Client comes first

Dissatisfaction with full-commission brokerage firms continues to be the top reason independent advisors report gaining clients. Respondents also indicate their clients prefer the personalized service and competitive fee structure provided by independent advisors and that, as fiduciaries, RIAs are required to offer advice that is in the best interest of clients.

The quarterly survey of 500 registered investment advisors indicated that these advisors continue to win business from traditional full-commission firms and broker-dealers, with 61% of new business originating from these competitors.

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