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The AUM of RIAs is soaring. But what about new clients?
['Chief Correspondent', "Tobias Salinger Is Financial Planning'S Chief Correspondent", 'With Nearly A Decade Of Experience Covering Wealth Management', 'Regulation', 'Staff Writer']
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"Across the full panel, 30.5% of firms reported higher AUM without a higher reported client count," Andrew said in an email.
The median firm's reported AUM rose 14.5%.
Stark data, but also vast potentialThe Paithos data revealed how such tough, competitive fights for clients are playing out across RIAs.
"Reported assets grew sharply, reported client counts barely moved and the top decile's share of all reported clients rose from 80% to 82.5%.
It could narrow through faster reported client growth, slower asset growth, or both."