--- title: "The RIA Squeeze: Navigating Complexity, Competition, and Client Expectations" description: Gone are the days when wealth management was primarily about portfolio construction and retirement planning. 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[Thought Leadership](https://resources.adhesionwealth.com/thought-leadership) - [Business Consulting](https://www.adhesionwealth.com/business-consulting) - [contact](https://www.adhesionwealth.com/contact) - [careers](https://www.linkedin.com/company/adhesionwealth/jobs/?viewAsMember=true) - DEMO - [contact](https://www.adhesionwealth.com/contact) - [careers](https://www.linkedin.com/company/adhesionwealth/jobs/?viewAsMember=true) - DEMO - [contact](https://www.adhesionwealth.com/contact) - [careers](https://www.linkedin.com/company/adhesionwealth/jobs/?viewAsMember=true) - DEMO DEMO # The RIA Squeeze: Navigating Complexity, Competition, and Client Expectations ![Picture of Phill Rogerson](https://resources.adhesionwealth.com/hs-fs/hubfs/pr-mc-260x260.png?width=40&name=pr-mc-260x260.png) By **[Phill Rogerson](https://resources.adhesionwealth.com/blog/author/phill-rogerson)**, ![](https://resources.adhesionwealth.com/hubfs/Practice%20Improvement.jpg) [Share on Facebook](http://www.facebook.com/share.php?u=https://resources.adhesionwealth.com/blog/the-ria-squeeze-navigating-complexity-competition-and-client-expectations&utm_medium=social&utm_source=facebook) [Share on LinkedIn](http://www.linkedin.com/shareArticle?mini=true&url=https://resources.adhesionwealth.com/blog/the-ria-squeeze-navigating-complexity-competition-and-client-expectations&utm_medium=social&utm_source=linkedin) [Share on X](https://twitter.com/intent/tweet?original_referer=https://resources.adhesionwealth.com/blog/the-ria-squeeze-navigating-complexity-competition-and-client-expectations&utm_medium=social&utm_source=twitter&url=https://resources.adhesionwealth.com/blog/the-ria-squeeze-navigating-complexity-competition-and-client-expectations&utm_medium=social&utm_source=twitter&source=tweetbutton&text=The%20RIA%20Squeeze:%20Navigating%20Complexity,%20Competition,%20and%20Client%20Expectations) [Blog](https://resources.adhesionwealth.com/blog/tag/blog) [Independence](https://resources.adhesionwealth.com/blog/tag/independence) [RIA](https://resources.adhesionwealth.com/blog/tag/ria) [Adhesion Essentials](https://resources.adhesionwealth.com/blog/tag/adhesion-essentials) The RIA industry is changing faster today than at any point in my 30+-year career. These shifts we’re seeing aren’t incremental: they’re systemic. Between industry consolidation, evolving client expectations, and new competitive dynamics, there is rising pressure on independent RIAs to provide a much broader array of services and much deeper, more complex advice delivered with the kind of sophistication and speed they’re used to. Gone are the days when wealth management was primarily about portfolio construction and retirement planning. Today’s clients want more. They’re looking for integrated tax strategies, estate planning, intergenerational wealth transfer, and even insurance and credit solutions. At the same time, RIAs are facing a changing industry. What was once a highly fragmented, "mom-and-pop" business model has evolved into large, professionally managed firms with deep pockets and institutional infrastructure, often backed by private equity. The bar has been raised — dramatically. In this environment, many RIAs want to know how to grow and compete without losing their independence or the personal, high-touch service that defines their brand. This blog will answer these questions for RIAs: - Why is scaling harder than ever? - How are client expectations reshaping the value advisors are delivering? - How can the right platform support RIAs in this next phase of the industry? Let's dive in. --- #### The industry is transforming and accelerating Acquisitions in the wealth management industry are surging. According to the [Fidelity Investments Q4 2024 M&A Report: A Decade in Review](https://clearingcustody.fidelity.com/app/literature/view?itemCode=9919281&renditionType=PDF), private equity firms backed 89% of RIA acquisitions in 2024, up from 43% in 2016. Consolidation is intensifying as larger firms, aggregators, and PE-backed platforms acquire independent practices — giving scale advantages to larger firms and challenging smaller RIAs to differentiate themselves. While total assets under management continue to grow, PE-backed RIAs now control [nearly a quarter](https://www.wealthmanagement.com/ria-news/advizorpro-private-equity-making-moves-into-ria-s-middle-market?) of the total AUM among larger firms. Furthermore, although PE-owned firms represent only 3.7% of all $100M+ RIAs, they control approximately 23% of the total AUM in that universe. It is striking to consider that only 7% of RIA firms manage over 70% of AUM in the channel (Cerulli). This illustrates an increased concentration of assets in fewer, well capitalized players operating at significant scale and the reshaping of the competitive landscape. #### Clients are more informed with considerable expectations Investor expectations have evolved beyond traditional portfolio management. Clients are demanding a bespoke, integrated approach that meets their unique needs. [EY’s 2023 Global Wealth Research Report](https://www.ey.com/en_us/insights/wealth-asset-management/2023-global-wealth-research-report) found that a growing share of clients expect advisors to provide personalized, holistic guidance that considers not just investments but their broader financial goals and values. At the same time, [Accenture’s 2024 Wealth Management Consumer Report: The New State of Advice](https://www.accenture.com/content/dam/accenture/final/a-com-migration/r3-3/pdf/pdf-162/accenture-wealth-management-consumer-report-new-state-of-advice.pdf?) emphasizes that clients are increasingly seeking digital tools and collaborative platforms to engage with advisors, track progress, and plan in real-time. Together, these trends are prompting RIAs to expand their investment solutions, including tax, estate, and retirement planning, and to invest in technology that combines human advice with digital efficiency to meet the rising expectations of their clients. #### **Scaling and efficiency are becoming more difficult** As the industry consolidates and advances technologically, RIAs face increasing pressure to operate efficiently and attract new clients, all while maintaining a laser-like focus on client service. [Cerulli Associates](https://www.cerulli.com/press-releases/constrained-by-resources-and-time-advisors-need-to-choose-their-clients-wisely) estimates that the average advisor currently manages approximately 140 client relationships. Practices that exceed capacity without a robust operational and technological infrastructure find that their service quality begins to suffer. Efficiency comes from meaningful adaptation of technology, including automated trading, reporting, and model management workflows. #### **Maintaining independence is challenging** Joining a large aggregator or institution can provide additional support, but often comes at the cost of independence, while building everything in-house can limit scalability and profitability. Many firms are seeking a middle path that enables them to maintain control over their brand and client relationships, while also gaining the necessary infrastructure and support to compete at scale. #### **Difficulty finding the right growth platform** As the industry evolves, RIAs are increasingly recognizing that sustainable growth in response to these competitive pressures requires strategic relationships. With the right platform, advisors can streamline their operations and expand investment solutions, all while maintaining independence in this changing market. The goal is not outsourcing; it’s prioritizing time and resources so advisors can focus on clients and strategy. We believe Adhesion Wealth provides a compelling platform experience and suite of services, and we are committed to the success of our clients. The platform provides **broad manager and strategy access,** allowing advisors to select from an extensive range of SMA managers, ETF and mutual fund strategists, all deployable within a single UMA. Adhesion’s model marketplace provides access to over 300 managers and more than 1,700 models as of 12/31/2025. We recently introduced **[Adhesion Essentials](https://www.adhesionwealth.com/adhesionessentials),** a collection of ETF, mutual fund and equity SMA models available with no platform fee.\* These ready-to-use models are excellent for clients with smaller account balances and can help you serve mass affluent and near-affluent markets efficiently. New managers will be added to the program over the course of the year. Adhesion executes all **trading and rebalancing** within advisor customizable specifications enabling immediate operational scale for RIAs who want to offload manual trading work. Automated processes and open architecture allow advisors to deliver customized, tax-aware UMA solutions without building an internal operations team. Our**service-first approach** means the Adhesion team is here when you need us. When you call, you will speak with a person who is ready to help. And we also provide **hands-on transition support** to get you up and running on the platform with no interruption to your daily operations. It’s all part of our relentless focus on helping RIAs achieve their growth objectives, providing high levels of operational efficiency and service that allow advisors to focus on building meaningful and unique client relationships. #### **Adjusting to this new normal** The current transformation of the wealth management industry is unprecedented. With changing client expectations, industry consolidation, and the need to scale, RIA firms must adapt to survive. For advisors aiming to grow while remaining independent, a platform like Adhesion provides a practical way forward. Finding the right platform to provide technology, operational support, and expertise is an ideal strategy for RIAs to face today’s challenges and prepare for and prosper in the future. \*Accounts invested in Adhesion Essentials are not subject to Adhesion platform fees, however accounts are subject to advisor management fees, fund fees, applicable product (model manager) fees, and transaction fees charged by custodians as applicable. 8794596.1 | 04/2026 | EXP 04/30/2028 ![Picture of Phill Rogerson](https://resources.adhesionwealth.com/hs-fs/hubfs/pr-mc-260x260.png?width=40&name=pr-mc-260x260.png) By **[Phill Rogerson](https://resources.adhesionwealth.com/blog/author/phill-rogerson)**, [Blog](https://resources.adhesionwealth.com/blog/tag/blog) [Independence](https://resources.adhesionwealth.com/blog/tag/independence) [RIA](https://resources.adhesionwealth.com/blog/tag/ria) [Adhesion Essentials](https://resources.adhesionwealth.com/blog/tag/adhesion-essentials) [Related **Resource** Outsourcing: The Strategic Edge to Reach Your Firm’s Potential By Phill Rogerson,](https://resources.adhesionwealth.com/blog/outsourcing-the-strategic-edge-to-reach-your-firms-potential) [Related **Resource** Tax Season Is No Longer a Moment - It's a Mindset Shift By Phill Rogerson,](https://resources.adhesionwealth.com/blog/tax-season-is-no-longer-a-moment-its-a-mindset-shift) **CHARLOTTE** 2825 South Blvd Suite 500 Charlotte, NC 28209 **ASSETMARK CORPORATE HEADQUARTERS** 1655 Grant Street 10th Floor Concord, CA 94520 --- - [Company](https://www.adhesionwealth.com/about) - [Resources](https://www.adhesionwealth.com/resources) - [SECURITY CENTER](https://www.adhesionwealth.com/security-center) [CONTACT](https://www.adhesionwealth.com/contact)   sales@adhesionwealth.com 888-295-8351 [CAREERS](https://www.adhesionwealth.com/careers)   Join the Adhesion Wealth team and be part of a growing financial industry leader.   --- An AssetMark Company - [Learn More](https://www.assetmark.com/) - [Privacy Policy](https://www.adhesionwealth.com/privacy-policy) - [Terms of Use](https://www.adhesionwealth.com/terms-of-use) - [ADV2](https://adhesionwebsitecontent.blob.core.windows.net/$web/documents/Adhesion-Form-ADV-Part-2A-Disclosure-Brochure_final_2024.12.2.pdf) -   - - **FOR FINANCIAL PROFESSIONAL USE ONLY.** **Important Information** This is for informational purposes only, is not a solicitation, and should not be considered investment, legal or tax advice. The information has been drawn from sources believed to be reliable, but its accuracy is not guaranteed, and is subject to change. **Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results**. UMAs are not suitable for all investors and should be evaluated for suitability by financial professionals prior to investing. **For more complete information about the various investment solutions available, including the investment objectives, risks, and fees, please refer to the Disclosure Brochure. Please read it carefully before investing. For a copy, please contact Adhesion Wealth Advisor Solutions (“Adhesion Wealth”).** Adhesion Wealth is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Adhesion Wealth and third-party providers are separate and unaffiliated companies. Each party is responsible for their own content and services. Adhesion Wealth does not provide personalized investment or tax advice. Adhesion Wealth and Adhesion Wealth Advisor Solutions are trade names for Atria Investments, Inc. Atria Investments, Inc. is owned by AssetMark Financial Holdings, Inc. © 2026 Adhesion Wealth Advisor Solutions, Inc. 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