Here’s one way RIA firms can measure their firms’ success: they can see everything from where their revenue is coming from to total assets under management —benchmarked to other firms — the same way you’d look at dials on a car dashboard.
That’s how Fidelity Institutional Wealth Services, custodian for RIAs, designed their new web-based customizable benchmarking tools for RIA firms. In addition to the visually streamlined dashboard-like design — RIAs can see where they stack up compared to peers just by looking at where the needle on the ‘dashboard’ is pointing — the tool also allows the RIA firms to input their own firms’ goals for things like marketing expenses and client acquisition costs.
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