The number of registered investment advisers (RIAs) managing more than $5 billion in assets has nearly doubled during the past five years, growing from 194 to 343, giving investors more choice than ever when selecting a wealth management provider. New research from Cerulli Associates and Credent finds that while the population of scaled RIAs continues to expand, the business models, compensation structures and fiduciary obligations across these firms vary significantly, making it increasingly important for investors to understand how advisers are paid and the standards under which they operate. That distinction matters to investors: 73 percent of those working with a fiduciary report being satisfied with their provider, compared with 48 percent of those working with a non-fiduciary, with those 48 percent being open to finding a new adviser relationship.
“Today’s investors have more access to advice than ever before, but understanding the differences between wealth managem
