Why It’s Hard to Grow as a Firm [4:35]
- Independent firms aren’t keeping up. (Deloitte found that only about 20% of advisory firms are considered to be “high-performing.”)
- Old technology isn’t helping. (According to Advisor360.com, 65% of advisors admitted to losing business because of outdated management software.)
- Most advisors fail within the year. (According to Advisor Perspectives, 80-90% of advisors fail within the first three years.)
- The competition is real. (92% of RIAs in the industry believe competition will begin to increase and 75% are concerned about losing clients to competitors.)