Cover stories, top series: FP's 2024 wealth management deep dives

December 27, 2024 11:09 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

The last several months of 2024 have been filled with the rumblings of a national election and the possibilities that will come with a new administration. But throughout the year, the Financial Planning staff spent much of its time diving deep on issues that have significant implications for the wealth management industry.

We brought you many regular features, such as our long-running RIA Leaders and IBD Elite series, as well as in-depth looks at wirehouse strategies, broker compensation, AI in wealth management, diversity and so much more.

Scroll down the cardshow to peruse our 2024 series.

Wirehouse strategies

Independence has been an ever-growing option for advisors who have started their careers in the wirehouses and other large brokerages. How are the wirehouses stemming the losses? And what are their plans for the future?

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Fighting the tides of wirehouse attrition

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Wirehouses by the numbers: How they stack up

40 Under 40

Young talent is a hot commodity in an industry that struggles to attract and retain it. Each year, we identify the top young national and regional brokers and analyze the trends spotted in the data.

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These are the 40 top young brokers in 2024

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Shrinking headcounts a growing problem

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These are the top 40 regional brokers under 40 in 2024

Retirement — by generation

Even the youngest clients and potential clients plan to retire someday. But the ways advisors talk to their boomers might not work for those from Generation X, millennials and down the line. Here's a guide to connecting.

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The retirement endgame: How to guide clients of all generations to their golden years

WATCH:

Leaders: How to advise each generation for retirement

Black History Month

Diversity has been a struggle in wealth management, where the advisor population does not match that of the rest of the country. Still, many are working to change that, and this year we looked to those whose achievements laid important foundations.

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Legendary role models whose achievements laid the foundation

Despite offering distinct services, many advisors struggle to convey exactly what makes them different to clients.

Illustration by Sena Kwon

Brand building

Today, more than ever, advisors have to stand out. It's easy to get lost in a sea of names and faces on social media. But setting yourself apart isn't impossible, and building a brand is a huge part of building a successful practice.

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Brand building for advisors: How to stand out

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What's in a brand? 5 steps to set yourself apart

Impact investing

Studies show that many people want their investments to align with their values. But that's also set off a war between the do-gooders and the antiwoke crowd. Has ESG seen its best days pass it by?

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Can ESG come back from the dead?

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3 reasons ESG is still crucial to wealth management

NEW YORK CITY - MARCH 24, 2020: Charging Bull sculpture on March 24, 2020 on empty streets of New York City during Corona virus Epidemic.

Broker compensation in 2024

The large brokerages develop complex formulas to determine payouts for their employees. Each year, we break down what advisors can expect to make at each of the firms, as well as an overall analysis of the trends as the industry evolves.

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What to expect in advisor pay in 2024

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Best advisor pay for the $2M producer

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Best advisor pay for the $1M producer

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Best advisor pay for the $600K producer

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Best advisor pay for the $400K producer

The rise of AI

It's no exaggeration to say that AI is a growing part of daily life for many people. That's true in wealth management, where automation and AI are saving advisors time with onboarding, note-taking, emailing and so much more. But how much do advisors trust AI? And what are they willing to hand over to the robots at this point?

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In AI we trust? The peril and potential of embracing AI in wealth

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Advisors trusting AI is hit or miss, Financial Planning survey shows

Guide to independence

Independence has been a growing option in the wealth management industry, but in the last few years, consolidation, private equity and a number of factors have muddled the long-held view of what independence looks like.

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Independence? It depends

WATCH:

Leaders: How financial advisor independence is changing

IBD Elite

Our annual IBD Elite series ranks the firms in a number of ways — AUM, women advisors, size of payouts, fastest growing, and more. And this year, we took a look at the issues that face advisors who have to decide if they want to stay at a small firm or jump into one of the several growing behemoths in the industry.

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IBD Elite 2024: The myth of big versus small

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The 15 largest independent brokerages in wealth management

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The 12 firms with the largest percentage of women advisors

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Top 10 firms with the fastest growing payouts

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The 10 fastest growing independent brokerages

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The 10 firms with the most CFPs

Rising Stars: Impactful early-career planners

Financial advisors have a lot on their plates their first 10 years with establishing books of business, obtaining certifications and defining career paths. Still, many are making marks in the industry as a whole, improving literacy, driving change and so much more. We honored seven of them for their above-and-beyond efforts.

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Meet Financial Planning's 7 Rising Stars of 2024

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From petroleum to portfolios: How an FP Rising Star embraced authenticity in his career

Innovation in wealth management

Wealthtech, and particularly AI, has had significant impacts on how financial advisors do their jobs, from onboarding and lead generation to marketing and client communications. This year, Financial Planning debuted its Innovation Awards, honoring the firms that are making big strides in the tech that is driving the industry's future.

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Financial Planning unveils 2024 Innovation Award winners

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Orion, RBC Wealth Management named Innovators of the Year at ADVISE AI

RIA Leaders

Just as we do with IBDs, Financial Planning ranks RIAs in a number of ways. This year, we also looked at the implications of explosive RIA growth and consolidation, asking what it all means for the ability to meet fiduciary duties for clients.

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How consolidation is testing fiduciary duty in RIAs

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The top fee-only RIAs ranked by AUM in 2024

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RIA Leaders 2024: Download FP's list of the 150 largest fee-only RIAs

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RIA Leaders: Top 10 firms by number of financial advisors for 2024

20 in 2025

There is a lot of change expected in 2025 and beyond, especially with a new(ish) president and GOP-controlled Congress coming to power. From the politicians and officials to those working through organizations and their own firms, these are the people we expect to make an impact on the industry in the coming year.

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20 people who will shape wealth management in 2025