SEI, an Oaks, Pa., based provider of investment processing, fund processing and investment management services, announced Tuesday its SEI Advisor Network added 406 new registered investment advisors last year as it increased assets under management to $31.1 billion.

The company generated $5 billion in new receipts as a result of the new business.

The company said the number of new advisors that joined SEI continues to increase rapidly and represents a more than 60% increase from 2009.

“In 2010, a record number of advisors joined our ranks – not only because of our differentiated investment strategies, but also because of our deep practice management expertise and our ability to help grow their businesses through customized solutions and support,” said Wayne Withrow, an executive vice president and SEI Advisor Network business unit leader. “These individuals are true professionals, committed to excellence and determined to provide their clients with the best services available.”

SEI provides wealth management services to financial advisors. In addition to its back office and administrative services and investment solutions, in 2010, SEI broadened its practice management capabilities. Specifically, it launched its Practice Management Workshops, a series of interactive in-person sessions and webcasts teaching advisors best practices around topics such as time management and practice efficiency, client service, marketing and prospecting and succession planning.

The topics were selected based on advisor feedback and results of a survey conducted by SEI on their top resolutions for the year. In 2010, SEI also launched Ready-4-Reform, a program to help advisors prepare for the new regulatory environment and pending legislative changes.

“Investors today are looking for more than just investment results from their advisors, they want the overall package,” said Brian McKee, McKee Financial Resources, Inc. “They want the best of both worlds – an advisor who can provide an individual, personalized touch and one who is backed by deep resources, research and expertise. For me, working with SEI allows me to create a practice that is both scalable and meets my clients’ needs.”

The SEI Advisor Network has been serving the independent financial advisor market for more than 16 years. More than 6,000 advisors now work with SEI.