Although client referrals continued to account for the majority of all new business generated, advisors surveyed said that digital marketing complemented that more traditional approach. Advisors said that online upgrades, social media campaigns, digital content sharing, and hosting seminars and events were among their other top business development strategies.
One in four advisors surveyed said they are considering mergers and acquisitions (M&A) as a potential growth strategy.
RIAs said technology was their greatest managerial challenge, with cybersecurity accounting for most firms’ biggest operational expenditure in 2018.