Understanding how your firm is performing compared to its peers is not just an exercise rooted in vanity. As the wealth management industry evolves over time, new trends and business norms appear. Using industry benchmarks to periodically assess your business performance and health is crucial for a modern financial advisory firm operating in today's fast paced environment.
To explore the value and future of benchmarking for RIAs and independent financial advisors, Catherine Williams, VP & Head of Practice Management at Dimensional Fund Advisors (DFA), Tom Orecchio, CEO of Modera Wealth Management, and Terry Mullen, CEO of Truelytics joined me for a panel discussion in the latest episode of the Modern Financial Advisor podcast.
A common theme from Catherine, Tom, and Terry is the need for benchmarking to get faster and more current. Most studies, such as the soon to be released "2019 Dimensional Advisor DC Benchmarking Study" (Here's a look at the 2018 study) offer RIAs and advisors lagging benchmarks because of the time it takes to collect and normalize data. The suggestions offered by the panel for improving the timeliness of benchmarking are very interesting.
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