Top-performing Registered Investment Advisors (RIAs) employ diverse strategies to achieve superior performance, according to Charles Schwab's 2024 RIA Benchmarking Study. As reported by ThinkAdvisor, those firms excel by cultivating talent, leveraging technology, and maintaining robust client communication.

Here are the strategies according to the Schwab study:

Growth from Existing Clients

Top-performing firms saw asset growth from existing clients 4.5 times higher than other firms, excluding investment performance.

Client Feedback Collection

Firms with over $250 million in assets under management (AUM) that conducted client interviews gained 26% more assets from existing customers. Nearly half of the top performers also used client surveys.

New-Client Growth Culture

Top performers gained 2.4 times more new-client assets than other firms, with 75 percent meeting or exceeding their new-client growth goals.

Referrals and Marketing

Client referrals and marketing drove significant new-client acquisition. Top firms achieved over 8 percent asset growth from new clients, with existing client referrals accounting for 3.7 percent of new assets and other marketing efforts adding 2.5 percent.

Strategic and Succession Plans

Most top-performing RIAs have written strategic succession plans.

Defining Client Personas

Documenting ideal client personas and value propositions helps firms define their client experience and support new client growth. Firms with these strategies attracted 67 percent more new clients and assets.

Marketing Investment

Nearly 60 percent of top-performing RIAs have integrated marketing plans covering all activities targeting prospects and clients.

Referral Plans

Over half of the top performers have documented referral plans for existing clients and business partners, leading to increased new client acquisition.

Increasing Referrals

Tactics such as informing clients about the firm's ideal client profile, reviewing full-service offerings, and sharing success stories amplify referral networks.

Tracking Prospecting Outcomes

Firms that track prospecting results and refine tactics ensure effective use of marketing resources. RIAs tracking lead conversion rates closed 50 percent of their leads.

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