Key Takeaways
- • Schwab Advisor Services' 2026 Independent Advisor Outlook Study, surveying 1,235 independent RIAs representing $497 billion in AUM, finds the fiduciary model anchoring growth as firms invest in AI, alternatives, and private markets.
- • Being a fiduciary is the top benefit of being an RIA, cited by 64% of advisors surveyed.
- • 70% of advisors expect client referrals to drive growth over the next three years, and 60% point to exceptional client service.
- • Alternative investments are offered by 45% of RIAs, with real estate (72%) and private equity (71%) the most common among those firms; 37% offer private market investments today and another 13% plan to within three years.
- • 66% of advisors plan to use AI primarily to support the client experience, while only 7% use agentic AI today.
- • AI regulation and guidance is the top area where RIAs want industry advocacy (38%).
Summary
Schwab Advisor Services released its 2026 Independent Advisor Outlook Study (IAOS) at its 36th annual IMPACT conference, the industry gathering for independent RIAs. The annual survey of RIAs that custody assets with Schwab drew 1,235 independent advisors representing $497 billion in assets under management. The survey was conducted online from July 13 through July 30, 2026.
According to the study, the fiduciary model continues to anchor advisors' businesses even as they invest in AI, expand into alternatives and private markets, and rely on referrals and service for growth. Jon Beatty, Head of Schwab Advisor Services, said the pace of change in the RIA industry has never been faster, yet the fiduciary standard remains unchanged. AUM remains the primary growth metric for 75% of advisors, while 53% track new clients, 44% track client referrals, and 40% track changes in AUM per client or household.
On services, nearly all advisors (99%) offer investment management, and most offer tax-efficient solutions (90%) and philanthropic planning (76%). Emerging capabilities are rising, including trading capabilities (66%), pledged asset lines (50%), and alternative investments (45%). Jalina Kerr, Head of Advisor Experience at Schwab Advisor Services, said advisors expanding into alternatives and tax-smart strategies should take time to educate clients. Nearly all advisors (93%) prioritize tax efficiency, and most (80%) say speculative investment offerings have not made it harder to keep clients focused on the long term.
On technology, 41% of RIAs prefer a mix of open architecture and integrated systems, and 31% favor a mostly integrated system. Looking three years ahead, advisors expect AI to most reduce administrative workload (67%), with smaller shares citing scalability (38%) and client communication quality (34%). On regulation, 68% of advisors prefer clear, easy-to-understand AI standards, while only 4% favor all-encompassing mandates. Among the 16% seeking more advocacy on crypto and digital asset regulation, 66% want clearer rules and 63% want more comprehensive ones.
According to the study, the fiduciary model continues to anchor advisors' businesses even as they invest in AI, expand into alternatives and private markets, and rely on referrals and service for growth. Jon Beatty, Head of Schwab Advisor Services, said the pace of change in the RIA industry has never been faster, yet the fiduciary standard remains unchanged. AUM remains the primary growth metric for 75% of advisors, while 53% track new clients, 44% track client referrals, and 40% track changes in AUM per client or household.
On services, nearly all advisors (99%) offer investment management, and most offer tax-efficient solutions (90%) and philanthropic planning (76%). Emerging capabilities are rising, including trading capabilities (66%), pledged asset lines (50%), and alternative investments (45%). Jalina Kerr, Head of Advisor Experience at Schwab Advisor Services, said advisors expanding into alternatives and tax-smart strategies should take time to educate clients. Nearly all advisors (93%) prioritize tax efficiency, and most (80%) say speculative investment offerings have not made it harder to keep clients focused on the long term.
On technology, 41% of RIAs prefer a mix of open architecture and integrated systems, and 31% favor a mostly integrated system. Looking three years ahead, advisors expect AI to most reduce administrative workload (67%), with smaller shares citing scalability (38%) and client communication quality (34%). On regulation, 68% of advisors prefer clear, easy-to-understand AI standards, while only 4% favor all-encompassing mandates. Among the 16% seeking more advocacy on crypto and digital asset regulation, 66% want clearer rules and 63% want more comprehensive ones.
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