The RIA sector is enjoying brisk growth in both personnel and assets under management, but remains dominated by small businesses that cater to specialized sets of clients, including a growing number of firms that are rolling out interactive digital advice services.

Those are among the findings from a new report by the Investment Adviser Association, the group's annual industry snapshot. In partnership with the compliance consultancy National Regulatory Services, the IAA combed through the more than 12,000 Form ADVs on file with the SEC to develop a sketch of an industry evolving to keep pace with a growing and increasingly tech-savvy client base.

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