The number of SEC-registered investment advisers and associated professionals surpassed the 1 million mark for the first time in 2023, and that translated into gains in client numbers and assets under management, according to preliminary numbers from the Investment Adviser Industry Snapshot.
The survey, a joint effort by the Investment Adviser Association (IAA) and Comply, found a 4.4% increase in asset management clients to 56.7 million in 2023. The total number of clients was up 3.5% over the previous year. Assets under management rose 12.6% in 2023, matching the record high of $128.4 trillion set in 2021. Non-clerical employment increased 3.6%, reaching a record of 1,006,471 employees.
The complete Investment Adviser Industry Snapshot report will be released in June.
IAA represents the interests of fiduciary investment adviser firms. Its member firms collectively manage more than $35 trillion in assets. Serving chief compliance officers, the New York-based Comply company provides regulatory compliance solutions.
