Lisa Salvi, Head of Business Consulting and Education at Schwab Advisor Services, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss strategies advisors can use to enhance organic growth.
Schwab’s RIA Benchmarking Study shows that RIA firms continue to grow, with assets and revenues growing at an annual compounded rate of over 12% for the last five years. RIAs deliver an outstanding client experience and serve as trusted advisors to families. Over the last decade, advisors have had a 97% client retention rate.
Schwab Advisor Services provides one-on-one consulting to advisors looking to enhance organic growth through client referrals, marketing strategy, and website design. In addition to search engine optimization (SEO), advisors also need to consider how their firm attracts interest in the age of generative artificial intelligence (AI).
Many firms can benefit from revisiting the biography or about us portion of their website. Salvi emphasizes the importance of defining the ideal client persona, the client value proposition, and the marketing plan. Advisors who clearly articulate these three strategies attract 67% more new clients.
Over 1,100 students have attended the Schwab IMPACT conference over the years, making connections as potential employees at financial advisory firms. Schwab works with universities on programs that train students to participate in the CFP program. Growing the pipeline of interested students is important, as advisors will need to hire 70,000 people over the next five years to continue the current growth rate. Today’s university students are concerned about the impact of AI on their careers, as unemployment among young college graduates has spiked above that of high school graduates. Fortunately, advisory firms are continuing to hire graduates with an interest in investments and financial planning.
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