Practice Management

RIAs Anticipate Another Gainful Year for 2017

By Amanda Umpierrez | January 10, 2017
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With the Department of Labor (DOL) conflict of interest rule potentially underway this year, along with the growing use of robo-advisers and the Securities and Exchange Commission’s (SEC) proposed Rule 206(4)-4 requiring business continuity plans, advisers may anticipate 2017 to intensify industry pressures. However, responses from the survey indicate that despite potential pressures, RIAs continue to feel confident.

Eighty-two percent reported minimal to no concerns over robo-advisers as a competitive threat, while the majority of responding advisers are not concerned over the DOL fiduciary rule. In regards to the SEC’s rule on business continuity plans, 57% of advisers have plans finalized, 31% are in the process of developing plans, and eight in 10 of advisers are aware of the requirement.

“RIAs have been the fastest growing channel in the financial advice marketplace in large part because they offer investors a personalized, client-first approach. At the same time, they have to find ways to navigate the myriad market forces converging on the industry if they want to keep growing,” Nally says. “RIAs can continue to grow by facing challenges head on, whether that means developing a robust retirement plan business, attracting a new generation of clients or embracing new technology to deliver a better digital experience.”

More information about the survey findings can be found here.