Large RIAs are focusing their attention increasingly on creating firms with expanded ownership, institutionalized management practices and greater depth of service, according to Schwab Advisor Services' eighth annual benchmarking survey.

In contrast to the mood prevalent a decade ago when many RIA executives were hoping to sell their firm in a major liquidity event, 95 percent of the 1,132 firms surveyed by Schwab now aspire to an internal succession. Among firms with over $1 billion in assets under management, that figure is 98 percent.

According to Jon Beatty, senior vice president for sales and relationship management at Schwab, growth still remains the paramount focus at firms across all asset levels. While the surging stock market helped fuel rising revenues at many firms in 2013, most firms now are stressing a more disciplined approach to organic growth and client acquisition.

All firms are also trying to add organization depth, although smaller and mid-sized firms are not doing it on the same scale. Fully 47 percent of all billion-dollar firms have hired a chief operating officer. Beatty says more founders are taking this step so they can leave day-to-day operational issues to someone with expertise in that area and allow themselves to focus on clients and winning new business.

Skill-set depth is also an area of focus for many firms. For example, 70 percent of firms with over $1 billion in assets have a CPA on staff, while 53 percent of these same firms also have an attorney. When one examines those RIAs with between $500 million and $750 million in assets, only 45 percent have CPAs and only 32 percent have lawyers.

Building an enduring enterprise with continuity that lives long after the founder retires means much more than simply sharing equity with key colleagues. The number of firms with written strategic plans jumped from 51 percent a year ago to 61 percent this year.

RIAs "are talking about succession in terms that go beyond transferring ownership and [extend] to attracting and growing talent," Beatty said. The best-managed firms understand that talent is their most important asset.

The median firm in the survey enjoyed a compound annual growth rate of 12.8 percent in assets as revenues climbed 13.6 percent to $3.3 million. One-third of the firms recorded more than $5 million in revenues. In total, the 1,132 firms participating in the survey represented more than $750 billion in assets.