The registered investment advisor (RIA) channels have experienced significant growth over the last decade. Fueled by advisors demanding independence and strong market performance, assets have grown at an 11% compound annual growth rate (CAGR) over the past decade. Despite this, RIAs are facing challenges in their ability to grow organically and are seeking new avenues for growth while investing in time-tested options, according to The Cerulli Report—U.S. RIA Marketplace 2025.

Across the recent history of RIAs, the primary focus has been centered on inorganic opportunities, driving growth through mergers and acquisitions. With M&A activity becoming commonplace in the market, the overall concentration is shifting back toward organic growth. This renewed focus is exposing gaps in RIAs’ marketing and business development strategies.

“In an ever-consolidating market, the need for positive net asset flows cannot be overstated, given their impact on the future of the RIA channels,” says Stephen Caruso, associate director. “The need for dedicated marketing, business development, and client service mindsets is crucial as firms seek to retool and refocus for their next stage of growth and opportunity. Actioning these priorities is the challenge facing RIAs today as they seek to tap into new markets and leverage new technology in doing so.”

With referrals playing a significant role in RIA business development—93% of billion-dollar RIAs rank referrals as a top organic growth strategy—some firms have been able to avoid more traditional marketing approaches. On the other hand, some of the larger firms have delved deeply into the marketing realm, attempting to leverage multiple strategies, eager to maximize their results.

“The average RIA is limited in its resources to drive organic growth, and advisor time constraint is a challenge,” says Caruso. According to the research, 83% of firms cite limited resources and advisor time constraints as a major or moderate challenge. Furthermore, advisors allocate only 7% of their time to business development, equating to approximately three hours per week in a 40-hour workweek. “As scale becomes the goal for many firms, building thoughtful and strategic marketing capabilities will establish a solid foundation for sustainable growth,” he adds.

For strategic partners, including asset managers, the need for support in this area is already prevalent and will exacerbate as founders and partner advisors exit the business. By developing value-added content around common marketing themes, such as ideal client personas or branding, asset managers can maintain a leading position as a partner for the firm.