A total of 529 RIAs signed with SEI Advisor Network in 2011, and the firm generated more than $5 billion in cash receipts — both record numbers for the firm, a provider of investment management outsourcing solutions.

The number of new advisors signed was 30% higher than a year earlier, according to SEI. The attraction has to do with RIAs’ need to outsource certain functions so they can spend more time with clients and stay competitive, according to the firm.

“For the second year in a row, a record number of advisors joined SEI because we provide a holistic solution to their wealth management business,” says Wayne Withrow, executive vice president and SEI advisor network business unit leader.

“In order to keep up, advisors have found they are spending more time on attracting and keeping clients and have less time for administrative and business activities … they are looking for ways to improve these areas so they can spend as much time as possible working directly with prospects and clients.”

Danielle Reed writes for Financial Planning.