Investment Adviser Numbers Reach Unprecedented Heights

Posted on June 29th, 2023 at 1:22 PM
Investment Adviser Numbers Reach Unprecedented Heights

From the desk of Jim Eccleston at Eccleston Law 

According to the Investment Adviser Association's (IAA) recent industry study, the number of investment advisers reached a record high in 2022, along with an increase in total employment in the sector.

Despite a decline in assets under management (AUM) due to market declines, the sector still held a substantial AUM compared to previous years. The study also revealed a decrease in the number of clients served by advisers in 2022 compared to last year but a significant increase compared to 2018. 

The Securities and Exchange Commission's (SEC) marketing rule, implemented in November, has introduced a new trend in the sector where advisers are changing their advertising practices. The regulation allows advisers to utilize client testimonials in their promotional activities, marking a significant reform. According to the IAA study, 40 percent of advisers include their performance results in their advertising. The IAA study collected data through additional questions added to Form ADV, which provide insights into advisers' advertising practices as mandated by the SEC's Marketing Rule, according to InvestmentNews.


Eccleston Law LLC represents investors, investment advisers, and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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