SURVEY DATE AND POPULATION
The 2024 RIA Benchmarking Survey was conducted from March 14 through April 26, 2024, and received responses from 165 of the 434 RCS principals contacted, a total of 46% RIA firm response rate.
2024 State of the RIA
Each year, Raymond James RIA & Custody Services (RCS) conducts a survey of our registered investment adviser (RIA) principals to gauge processes and practices within the RIA space. This feedback allows us to focus our efforts on what matters most to our RIA clients, ensuring your needs remain our top priority.
Though the survey was originally developed for an internal report, peer comparison can be an important tool for goal planning and strategizing, so we are glad to share a selection of the survey data with you.
In total, consider this document a “state of the RIAs” report with insight into trends and changes to help you focus your growth efforts or modify your service offerings.
OUR BOTTOM LINE
We administer this survey each year to hear how we’re doing – directly from you, our RIA clients. Each year is a lesson. While we have maintained a high degree of satisfaction, with 88% of RIA principals reporting a positive experience with RCS and our service associates, this experience helps us stay abreast of your needs and the industry’s changes.
Thank you for your continued confidence in our work, and know that we remain committed to continuing to meet your needs with constant improvement and enhancement in a sector of the market known for its innovation.
Your goals are ours, and we will continue to work toward even higher levels of satisfaction on behalf of you, your clients and your vision for your business.
Key findings for 2024
HIGH-NET-WORTH SERVICES
The rate of respondents offering “family office services” more than doubled since 2023, from 20% to 41%. Similarly, respondents offering investment banking services increased from 15% to 26% and trust services from 48% to 68%.
REGULATORY CONCERNS
For the first time in this survey’s four-year history, respondents said compliance requirements were the top challenge they were facing, swapping places with “growth in your RIA.”
SUCCESSION PLANNING
Seven in ten respondents said they have a documented, long-term succession plan, a 40% improvement from 2023. Further, 87% of respondents said they have a catastrophic event plan.