The number of new registered independent advisors climbed 20 percent year over year in 2017 and surged by 59 percent from 2013 (150) to 2017 (238), according to an analysis of U.S. Securities and Exchange Commission registration filings that was released today by Schwab Advisor Services.

At the time of their registration, the RIA firms established in 2017 represented nearly $84 billion of assets under management (AUM).

“A decade after the onset of the financial crisis, it’s evident that the independent model has flourished along with investors’ demand for fiduciary advice,” said Jonathan Beatty, senior vice president of sales and relationship management at Schwab Advisor Services.

Larger firms are fueling the movement to independence, noted the Schwab analysis. The number of new RIA firms with more than $300 million in AUM represented 29 percent of new SEC registrations in 2017, compared to just 12 percent in 2013.

The average assets for new SEC-registered firms increased 28 percent year over year to $352 million. About five percent of the newly formed RIA firms reached $1 billion in AUM in their first year.

The majority of RIA firms established in 2017 (64 percent) selected a single custodian, the Schwab analysis also found. For its part, Schwab has captured a 41 percent market share among newly registered SEC firms making a single custodian selection and was named in 55 percent of multi-custodian deals in 2017.

“We are proud of our heritage of supporting independent financial advice,” said Beatty. “After more than three decades in the space, we remain committed to supporting those making the transition to independence with resources and expertise to set them on a course for long-term success.”

From October 28 to October 31, a week prior to the midterm elections, nearly 2,000 Schwab Advisor Services clients and hundreds of industry professionals attending Schwab’s IMPACT conference in Washington, D.C., will hear from experts about investing and practice management topics. Keynote speakers will include former Federal Reserve Chair Janet Yellen, Schwab executives, former White House chiefs of staff and others. The conference agenda and registration details can be found here.