The RIA business is on the upswing, with advisors reporting stronger business growth and slower client attrition, according to a new survey.

TD Ameritrade, in a quarterly phone survey of 500 advisors, also reported that a majority of new RIA business is coming from traditional full-commission firms and broker-dealers.

"The survey shows RIAs' independent, fee-based and fiduciary approach to wealth management is a key consideration when investors are choosing an advisor," said Tom Bradley, president, TD Ameritrade Institutional. "RIAs surveyed indicate their new 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."

Seventy-three percent of respondents said they experienced an increase in clients over the previous six months, up seven percentage points from a year ago. Only 5% reported a net loss of clients, down from 8% a year earlier.

The survey, conducted March 21 to April 1, also found that the top concerns of RIAs are the impact of regulatory changes (40%), profitability (28%) and the macro-economic environment (27%).