Successful Registered Investment Advisors’ (RIAs) Focus

The National Association of Plan Advisors (NAPA) just reported that according to a recent study, the top three strategies for success target attracting and retaining the next generation:

  1. Diligently working with a client’s family and children
  2. Increasing use of inventive methods such as social media and mobile technology
  3. More tailored all-inclusive counselling.

The survey was conducted by Harris Poll with almost 700 RIAs and fee-based advisors across the country and also included over 700 individual investors who all mention volatility, protecting assets and saving for retirement as critical concerns for the next year. The poll cautions that advisors could underestimate client concerns in areas such as healthcare costs and taxes -- taxes especially in the very high net worth segment.

Investors’ top priorities in choosing an advisor are

  1. Experience (46%)
  2. Tailored all-inclusive counselling (26%)
  3. A fiduciary standard (24%)

77% of RIAs and fee-based advisors won’t make investments unless they can clearly explain the strategy and know that their clients understand it. According to the survey, investors working with advisors are more optimistic about the 2016 outlook than those who don’t have advisors (47% vs. 35%).

The majority of advisors (76%) and 63% of investors agree that volatility is rising over the next 12 months. Advisors indicated that this market volatility makes them more likely than investors to revise their investment strategy. Nearly three-quarters of both groups plan to invest more strategically, and almost as many plan to invest more conservatively.

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