Advisers with more than $100 billion in assets experienced gains in assets under management of more than 14% annually over the past five years, far ahead of smaller advisers, according to a report on the adviser business by Investment Adviser Association and National Regulatory Services.
RIAs registered with the Securities and Exchange Commission now number almost 14,000, the report said. They manage $110 trillion in assets, and the number of clients they serve grew 17% in 2020, to 60.8 million.
In 2020, 59.8% of advisers served individual clients, the report found. Aside from investment companies and business development companies, private funds and other pooled vehicles were the second most common client type, with 38.7% of advisers having clients of that type.
The three most common types of institutional clients are pension and profit-sharing plans, charitable organizations and corporations. Roughly one-quarter of advisers provide services to each of these client types.
Compared to 2019, adviser offices were more likely to be in southern states and less likely to be in traditional financial centers.
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For several years, Leech allegedly favored some clients in trade allocations, at the cost of others, amounting to $600 million, according to the Department of Justice.
The firm is making headway in the Florida wealth market with four wirehouse advisors who collectively oversaw nearly $2 billion at their former firms.
“If you're not engaging the estate planning conversation, and the client is talking to somebody who is, those assets are at risk,” Vanilla's CEO said.
“This is not an enormous surprise. The equity of the firm was materially undervalued by the public market,” one banker said.
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