The number of RIAs offering services tailored to the needs of high net worth clients and their families is growing rapidly, according to a new RIA benchmarking survey from Raymond James.

The share of respondents offering “family office services” has more than doubled since 2023, from 20% to 41%. Similarly, the share of respondents offering investment banking services increased from 15% to 26%, while trust services are now offered by 68% of firms – up from 48% previously.

The data shows that RIA firms are increasingly seeking to meet the more complex financial needs of high-income, high-net-worth clients, consistent with a business model that favors larger client relationships and broader service models.

While family office services are mostly provided in-house, the vast majority of respondents’ firms rely on referral partnerships to provide trust and investment banking services.

Customer niches and succession trends

Advisors’ approaches are also changing with respect to their target client niche. Compared to 2023, 69% more RIAs now say they focus on healthcare professionals, while another 60% of respondents focus on lawyers. About 52% more focus on female investors, and 50% more respondents focus on foundations and endowment funds.

The report suggests that advisors are becoming increasingly aware of their succession planning needs and options. Specifically, 7 in 10 respondents said they have a documented, long-term succession plan, a 40% improvement from 2023. In addition, 87% of respondents said they have a disaster plan in place.

Money management

However, not everything in advisor practices is changing so quickly. Active portfolios remain the “bread and butter” of respondents’ portfolio strategies, with 85% of respondents saying they use model portfolios consisting of separately managed accounts or exchange-traded funds.