RIA Outlook for the U.S. Economy, Industry & Markets

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1 RIA Outlook for the U.S. Economy, Industry & Markets January 31, 2014 TD Ameritrade Institutional, Division of TD Ameritrade, Inc.TD Ameritrade, Inc., member FINRA/SIPC/NFA, is a subsidiary of TD Ameritrade Holding Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

2 Table of Contents Survey Methodology Page 3 RIAs in Today s Market Page 4 RIA Growth Opportunities Page 16 Demographics Page 23 2

3 RIAs in Today s Market

4 RIA optimism for U.S. economy at five-year high Very Optimistic RIA Outlook on U.S. Economy 3% 7% 6% 5% 3% 7% Somewhat Optimistic 35% 37% 46% 50% 48% 58% Neutral 25% 36% Somewhat Pessimistic 27% 26% 26% 29% 29% Very Pessimistic 17% 21% 14% 14% 10% 5% 4% 4% 5% 3% 1% Q: Looking ahead to the next three months, what is your feeling on the outlook on the U.S. Economy?

5 Advisors are bullish on U.S. stocks Equities 47% 43% 48% 48% 48% 54% Fixed Income 25% 29% 26% 27% 27% 23% International Cash & cash alternatives Other i.e. Private Equity, Real Estate, Derivatives 9% 15% 14% 12% 10% 11% 15% 8% 7% 7% 8% 7% 4% 4% 5% 5% 6% 4% Client Asset Allocation Q: What percent of the assets that you manage for clients today is in equities, fixed income, international investments, cash or alternative assets such as private equity or real estate?

6 Many RIAs are going beyond bonds in search of higher yield for clients RIAs search for yield Asset classes where RIAs are investing International stocks 62% Real estate 56% Only finding yield in bond market 58% Looking elsewhere for yield 42% Energy Master Limited Partnerships Commodities Hedge Funds Non-traded REITs Currencies 19% 19% 16% 54% 44% 40% Venture Capital 7% Precious Metals 5% IPOs 4% Other 13% Q: Due to the economic climate, are you currently pursuing any new investment strategies for your clients as alternatives to bonds and other fixed income investments? Q: Which of the following investments are you utilizing with your clients as an alternative to bonds and fixed income investments? 6

7 RIAs are most concerned with regulatory changes RIAs say regulatory changes could have biggest impact on their firms Regulatory Changes 29% 32% 40% Profitability 19% 25% 31% Business Growth 20% 24% 23% Q: On a scale of 1 to 10, how concerned are you today about the current economic climate and its impact on your firm in the next 12 months? How concerned are you with.? Business Growth / Operational Efficiency / Managing Risk / Succession Planning / Potential for Sale or Merger of Your Business / Product Pricing / Recruiting & Retaining Talent / Marketing / Regulatory Changes / Macroeconomic Environment 7

8 Added cost from regulatory changes are seen as greatest competitive threat Perceived Competitive Threats Commissioned brokers 7% Proliferation of online financial advisory services 23% Other 2% Regulatory changes adding new burdens and costs 71% Asset management companies offering advice-embedded products 31% Broker-dealers promoting feebased services 32% More investors choosing DIY online investing 33% Q: Which of the following would you consider a competitive threat to your business? (SELECT ALL THAT APPLY) 8

9 RIAs face familiar growth challenges in Challenges to Firm Growth (vs. 2013) Increased Compliance Requirements (53 percent) Increased Compliance Requirements (57 percent) Regulatory Changes (52 percent) Regulatory Changes (56 percent) Aging Client Base (49 percent) Aging Client Base (56 percent) Generational Wealth Transfer to Non-Clients (45 percent) Market Volatility (51 percent) Market Volatility (43 percent) Generational Wealth Transfer to Non-Clients (44 percent) Q: Over the next 6 months, which of the follow industry trends or issues may impact your ability to grow? SELECT ALL THAT APPLY Increased compliance requirements / Online advice / Regulatory changes / Lack of access to capital or credit / Market volatility / Generational wealth transfer / Increased competition from wirehouses / Aging client base / Other 9

10 Double-digit growth over the past two years for advisors And 30% predict firm assets will grow faster this year. 12% 13% Average growth rate for RIAs 18% 15% 15% 20% Clients Revenues Assets Entering year Qs: By what percentage has your client base grown, asset base grown, revenue base grown? Q: In the next six months, do you anticipate the assets under management for your firm to experience a slower rate of growth, faster rate of growth or remain the same? 10

11 Full-commission brokerage firms supply RIAs with new clients and assets 57% 56% 55% The #1 reason that new clients choose RIAs: Personalized service and competitive fee structure 30% 25% 23% 12% 12% 7% 6% 8% 10% Full-commission firms Other RIAs Banks Other places Entering year Q Where do you see the majority of your firms new assets, from both new and existing clients, coming from? Percentage of assets from full-commission firms reported came from wirehouses and broker-dealers Q: What is the main reason your new clients chose the RIA model? 11

12 RIA Growth Opportunities

13 An aging client base has advisors seeking ways to court younger investors Current strategy for attracting Next Gen clients Offering webbased advice 5% Other 7% 68% of advisors say the average age of their current clients is 55 or older Hiring younger advisors 14% In process of forming a strategy 24% Don't have a strategy 60% Q: Which of the following statements describe your strategy for attracting younger investors as clients? (SELECT ALL THAT APPLY) Q: What would you estimate to be the average age of your clients? 13

14 Advisors want help in reaching Next Gen investors and assets RIA interest level in turnkey solutions 30% will increase spending on marketing and business development Online financial advice to attract new clients 65% Program to help hire interns 56% Online financial advice for existing clients 59% Q: On a scale of 1 to 10, where 10 means extremely interested and 1 is not interested at all, how interested would you be in offering: your own online financial advice service to existing clients / your own online financial advice service to attract new clients / turnkey program to help your firm hire interns, if available at a reasonable price? Q: Over the next six months, do you anticipate your marketing and business development spending will decrease, increase or remain about the same? 14

15 RIAs want to grow their firms from within, not through M&A RIAs Plan to Grow By Adding New 8% 34% 22% 35% 28% Niche clients (i.e., doctors, lawyers, pilots, etc.) Expertise (i.e., estate, tax, insurance, etc.) Products (i.e., alternatives, life insurance, annuities, etc.) Markets (i.e., retirement plans, foundations, etc.) Other 22% Not considering growth strategies 65 percent of advisors say they re not interested in M&A as a growth strategy Q: Over the next six months, which of the follow strategies are you considering to attract new clients Q: Over the next six months, which of the following M&A activities are you considering as part of your growth planning? 15

16 RIAs deem referrals a best practice for driving growth Best Marketing Tactic for Growth 9% 2% 1% 1% 3% 3% 6% Client referrals Centers of influence referrals (i.e., attorneys, CPA) Third party referrals (i.e., custodian, industry association, etc.) Hire dedicated sales person / team 19% 56% Seminars Social media Advertising Public relations Other Q1: Over the next six months, which one of the following marketing and sales tactics do you feel provide the greatest opportunity to grow your firm? 16

17 Advisors readying back office for growth Focus is on technology, staff and systems over next six months Top Planned Infrastructure Improvements Investing in technology (66 percent) Hiring new/junior advisors (26 percent) Augmenting compliance (23 percent) Adding to back office staff (16 percent) Hiring new lead advisor(s) (14 percent) Top Strategic Initiatives Deploying technology to increase scale (62 percent) Systematizing client service and delivery (56 percent) Training and developing staff skills (51 percent) Implementing a formal marketing and social media plan (40 percent) Developing career paths for key staff / Formalizing succession plan (32 percent TIE) Q: In the next six months, which of the following types of infrastructure improvements are you currently implementing or planning to implement to grow your business? SELECT ALL THAT APPLY Q In the next six months, which of the following types of strategic initiative are you currently implementing or planning to implement to accommodate growth? SELECT ALL THAT APPLY 17

18 Advisors say technology investments are critical to managing and driving growth Tech tools under consideration Performance reporting tools 31% 36% Porfolio accounting tools Customer relationship management (CRM) tools Document management tools Financial planning tools Social media Portfolio rebalancing tools Client facing tools (i.e., website, portals, etc.) 18% 26% 33% 33% 33% 28% 30% 23% 29% 22% 29% 27% 27% 27% Investing in technology is the top infrastructure investment RIAs anticipate making over the next six months to accommodate growth Mobile devices (i.e., tablets, smartphones etc.) 24% 28% Other Not planning tech investments 7% 8% 18% 23% Q: Over the next six months, what infrastructure investments do you anticipate making to accommodate business growth? SELECT ALL THAT APPLY Q. Over the next six months, which of the following technologies are you considering investing in to help drive your growth? SELECT ALL THAT APPLY 18

19 Demographics

20 Participant Demographics Job Title Owner / President / CEO / Partner / Principal 84% Vice President 4% Financial Advisor / Investment Manager / Portfolio Manager / Financial Planner 4% Investment Advisor 3% Chief Investment Officer 3% Director 2% Firm Registration State registered only 54% SEC registered only 26% Dually registered with FINRA and the SEC or state(s) 21% Age of Principal Owner % % % Did not know / did not answer 2 Average Firm Assets Under Management $191M

21 Survey Methodology Results are based on a survey conducted by Maritz, Inc. on behalf of TD Ameritrade Institutional, a division of TD Ameritrade, Inc. Three hundred and two independent registered investment advisors ( RIAs ) RIAs participated in a telephone survey January 6 through January 17, RIAs who custody with TD Ameritrade, Inc. as well as other independent RIAs from across the United States, were asked to share their views on the economic outlook for their firms and the advisor market in general. The margin of error is ±5.6%. This means that in just over one case out of 20, survey results based on 302 respondents will differ by no more than 5.6 percentage points in either direction from what would have been obtained by seeking the opinions of all eligible RIAs. Maritz, Inc. and TD Ameritrade, Inc. are separate, unaffiliated companies and are not responsible for each other's products and services. 21

22 About Maritz St. Louis-based Maritz is a sales and marketing services company, which helps companies achieve their full potential through understanding, enabling, and motivating employees, channel partners, and customers. Maritz provides market and customer research, communications, learning solutions, incentive initiatives, rewards and recognition, effective meeting, event and incentive travel management services, and customer loyalty programs. For more information, visit or contact us at MARITZ. About TD Ameritrade Institutional TD Ameritrade Institutional 1 is a leading provider of comprehensive brokerage and custody services to over 4,500 fee-based, independent registered investment advisors and their clients. Our advanced technology platform, coupled with personal support from our dedicated service teams, allows investment advisors to run their practices more efficiently and effectively while optimizing time with clients. About TD Ameritrade Holding Corporation Millions of investors and independent registered investment advisors (RIAs) have turned to TD Ameritrade s (NYSE: AMTD) technology, people and education to help make investing and trading easier to understand and do. Online or over the phone. In a branch or with an independent RIA. First-timer or sophisticated trader. Our clients want to take control, and we help them decide how - bringing Wall Street to Main Street for nearly 38 years. An official sponsor of the 2014 and 2016 U.S. Olympic and Paralympic Teams, TD Ameritrade has time and again been recognized as a leader in investment services. Please visit the TD Ameritrade s newsroom or for more information. Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.finra.org) /SIPC (www.sipc.org) /NFA (www.nfa.futures.org) 1 TD Ameritrade Institutional, a division of TD Ameritrade, Inc., member FINRA/SIPC/NFA, a broker dealer subsidiary of TD Ameritrade Holding Corporation. Maritz, Inc. and TD Ameritrade, Inc. are separate, unaffiliated companies and are not responsible for each other's products and services. 22

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