“We see advisors bringing in more people with capabilities in tax and law,” says Beatty, who added that firms are also concentrating on more dedicated business management staff.
“We can see an inflection point in the study data when advisory firms begin to shift from a practice model to an enterprise model,” Beatty noted.
“With growth,” Beatty added, “firms recognize the need for dedicated business management staff to run the day-to-day operations of the firm, which affords principals and advisors the time and capacity to focus on managing clients and business.”
The Schwab survey was taken between and January and March. The study contains self-reported data from 1,007 RIA firms.