The average RIA is left with little time for professional development, said Penney, which will hurt their ability to remain competitive.

“How are you going to sharpen the blade and stay on the cutting edge of what clients really value? In terms of growth, there’s no time left to focus on the growth of the business because of the increased needs of clients,” said Penney. “Thus, your larger brethren are growing at a much faster rate.”

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