SEI has announced that 2013 was a record-breaking year for the SEI Advisor Network as it generated more than US$9 billion in gross cash receipts, a 27% increase over last year.
Contributing to its growth was the addition of 593 new Registered Investment Advisors, up from the 488 advisors added last year. The new advisors produced a net cash flow of more than US$2.4 billion, representing more than 50% growth over new advisor production in 2012.
This marks the fourth consecutive year of strong growth for the company as it continues to deepen its leadership position in the advisor market.
Wayne Withrow, executive vice president and Advisor Network Business Unit leader, SEI, said: "We continue to experience strong growth as a business and we believe that’s a direct reflection of our ability to help advisors grow their own businesses. We recognize that the advisor market is more competitive than ever, and in order to keep up, advisors are spending more time and resources on attracting and retaining clients, leaving less time and resources for administrative and other activities. We continue to invest in and evolve our offering to support the changing needs of advisors in every facet of their businesses, from asset management and practice management to operations. From our recently launched investment offerings to our enhanced service offerings, and the planned launch of our new SEI Wealth PlatformSM later this year, we are confident that our services and solutions will continue to give advisors the edge they need to differentiate and grow their practices. We’re excited about the opportunities 2014 will bring for the SEI Advisor Network and our clients."
In 2013, SEI expanded its offerings for each of its three core business functions: investment solutions, practice management support, technology and back-office administrative services. To help advisors stay ahead of the demands of an evolving investor base, SEI successfully launched a set of tactical exchange-traded fund (ETF) strategies and an expanded separately managed account (SMA) program.
The new offerings, which include a mix of tax-managed and traditional strategies, are designed to help advisors better meet the individual needs of their clients by delivering greater investment choice and flexibility. The enhancements also provide access to specialized investment managers many of whom were previously unavailable to retail investors.
SEI attributes its growth in part to a concerted effort to evolve and deepen its broker-dealer relationships. The firm also deepened its focus on growth programs with a new set of support services and business planning solutions to help advisors build greater enterprise value and expanded its team of experienced practice consultants to 35 relationship managers.
The SEI Advisor Network also received a strong response from advisors in anticipation of the introduction of the SEI Wealth PlatformSM later this year. Another factor for growth is that an increasing number of advisors continue to recognize the benefits of time and costs savings experienced through outsourcing.