Schwab Independent Advisor Outlook Study Round-Up

A number of publications recently cited and covered the Schwab Advisor Services’ 2021 Independent Advisor Outlook Study with Logica Research, including Financial Advisor, Magazine, which covered the study in two separate articles. Additional coverage appeared in  Investopedia, Investment News, Financial Advisor IQ, ThinkAdvisor, National Association of Plan Advisors (NAPA), Nerd’s Eye View, Citywire, RIA Intel and

Financial advisors optimistic about growth of the industry 

A number of articles covered the findings that RIAs (registered investment advisors) are confident about the future, with Investopedia citing that 47% believe the industry will continue to grow more quickly than the market. Financial Advisor IQ acknowledges that the client base may be a bit different than it was pre-pandemic, as the Schwab study indicates, with younger, more tech savvy and wealthier new clients coming on board. Financial Advisor Magazine cites growth can be attributed to adding clients and growing existing clients, along with M&A activity.

Financial advisors are adapting to new ways of work

The National Association of Plan Advisors (NAPA) covers how RIAs are adapting to new ways of working, with data from the Schwab study showing that 72% upped their flexibility, and even developed new workflows (56%) and worked more hours (33%) to meet client needs. However, as reported in Investment News, technology investment is on the decline with 57% of advisers said they were investing in new technology in 2021 versus 71% in 2020. 

There is an increased need for financial advisors

Like many other short-staffed industries, RIAs are also in high demand. Financial Advisor, Magazine reports on the talent shortage in the industry, citing the Schwab study’s findings that advisors are being hired on full-time regardless of geographic location, which is easing the shortage a bit. However, the study also found that 45% of the advisors said this makes it more difficult to find the staff members who fit in with the culture of the firm or bank.

Join the conversation!

Sign up for our thought leadership and insights on research.

Contact Logica Research

Let’s get started on getting the insights you need to grow your brand.