The August 2024 report examines emerging RIAs, defined as firms with under $500 million AUM, which make up 79% of the RIA market by number but only 2% by assets. Traditional segmentation by AUM alone misses critical insights, and models incorporating services offered, target clients, and firm lifecycle are more effective. Key challenges shift as firms grow, with smaller RIAs focused on client acquisition and retention, while larger ones face hiring, team development, and succession planning issues. Effective client segmentation strongly correlates with higher growth in both client households and assets.

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