The advisory industry has been evolving and two trends are clear: The future is fee-based—and advisers are tech-obsessed. And where these two trends intersect, innovation happens. As the Department of Labor fiduciary ruling heightens the demand to serve your clients with greater transparency and greater value, we predict the next big debate in the years ahead will revolve around this fundamental question: How can technology help create value for your practice while also helping you serve your client’s best interest and maintain a fiduciary standard?
The fee-based future is coming. The advisory industry has been moving from commission-based sales to fee-based and fee-only advice, and the pace is accelerating. According to Cerulli, AUM managed by RIAs and fee-based advisers will increase more than 60 % from $4.1 trillion in 2015 to $6.6 trillion in 2019, and RIA and fee-based adviser headcount will expand from 59,000 to 67,000. As more advisers shift to the fee-based and fee-only model, an increasing number of manufacturers and distributors are developing and adopting no-load and fee-based products to fit the way they work.
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