Press Release

WESTLAKE, Texas & BOSTON--(BUSINESS WIRE)-- Schwab Advisor Services today released its 2026 Independent Advisor Outlook Study (IAOS), an annual survey of registered investment advisors (RIAs) who custody assets with Schwab. The findings were announced at its 36^th annual IMPACT® conference, the nation's largest and longest-running annual gathering of independent RIAs.

This year 1,235 independent advisors participated in IAOS, representing $497 billion in assets under management (AUM). The study found that the fiduciary model still anchors advisors’ businesses as they invest in AI, expand into alternatives and private markets, and count on referrals and exceptional service to drive growth over the next three years.

“The pace of change in the RIA industry right now has never been faster, yet the fiduciary standard the industry was built on remains the same – it’s all about trust and putting clients first every day,” said Jon Beatty, Head of Schwab Advisor Services. “Whether it’s adopting new technology, investing in AI, or expanding new investment capabilities, the fiduciary model guides how RIAs adapt, grow, and succeed.”

What’s on RIAs’ minds as they think about the future of their firms?

The fiduciary advantage: The fundamentals still hold

• Being a fiduciary is the top benefit of being an RIA (64%).
• Advisors say the fiduciary model is very helpful in keeping clients' best interests in mind (90%), not forcing unwanted products on clients (86%), and establishing and maintaining trust (79%).
• More than half of advisors (53%) say what it takes to succeed – trust and service – has not changed since they entered the industry. Comparatively, 17% named access to scalable, sophisticated technology as the biggest shift impacting success.

Growth goes deeper than AUM: Referrals, service, and where firms invest

• AUM remains the primary measure of growth for RIAs (75%) but advisors are also watching number of new clients (53%), number of client referrals (44%) and changes in AUM per client/household (40%) as growth metrics.
• Looking three years ahead, advisors expect client referrals (70%) and exceptional service (60%) to drive growth.
• To support that growth, RIAs are investing in AI integration to improve workflows (49%), sales and marketing (40%), and tech stack upgrades (32%).

The wealth conversation is getting more complex

In partnership with Schwab Asset Management, the 2026 study examined how advisors are expanding their wealth solutions and investment offerings, including private markets, alternative investments, and digital assets.

• Advisors are offering a variety of services to meet the evolving needs of their clients. Nearly all advisors (99%) offer investment management services, while most offer tax-efficient solutions (90%), tax-efficient planning (90%), and philanthropic/charitable planning (76%).
• As advisors expand access and respond to growing client demand and awareness, emerging capabilities are on the rise – trading capabilities (66%), pledged asset lines (50%), and alternative investments (45%).
• Among the firms that offer alternative investments, real estate (72%) and private equity (71%) are the most common.
• Private markets are set to expand: 37% of RIAs offer private market investments today, and another 13% plan to within three years.
• Discipline is holding. 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.

“Clients’ needs and expectations are changing, and advisors are expanding what they offer – alternatives, private markets, tax-smart strategies,” said Jalina Kerr, Head of Advisor Experience, Schwab Advisor Services. “The advisors doing this well aren't just adding choices, they're taking the time to help educate clients, understand the new investment offerings, and keep them focused on the long-term to provide real value.”

Integrated by design, human by intent: Technology and AI

• RIAs want tech stacks that balance integration with flexibility. Forty-one percent prefer a mix of open architecture and integrated systems, and 31% favor a mostly integrated system with select solutions added in.
• Looking ahead three years, advisors expect AI to have its greatest impact by reducing the time spent on administrative tasks (67%), improving scalability (38%), and improving the quality of client communications (34%).
• Agentic AI is still early: 7% of advisors use it today.
• AI will reshape the advisor-client experience, but according to advisors surveyed, the client relationship will always stay human. Two in three advisors (66%) plan to use AI primarily to support the client experience, while keeping the advisor relationship personal.

A clearer rulebook: Advisors want practical guardrails, not fewer rules

• As new technologies emerge, RIAs are calling for a stronger industry voice – AI regulation and guidance is the top area where RIAs want industry advocacy (38%).
• Most advisors prefer AI standards that are clear and easy to understand (68%). Only 4% favor all-encompassing mandates.
• Among the 16% of advisors seeking more advocacy on crypto and digital asset regulation, two in three want rules that are clearer (66%), and 63% want rules that are more comprehensive.

For a deeper dive into the findings, view the full 2026 Independent Advisor Outlook Study report.

Frequently Asked Questions

Q: What is the Schwab Independent Advisor Outlook Study?
A: The Independent Advisor Outlook Study (IAOS) is an annual survey from Schwab Advisor Services. Now in its 20^th year, the study looks ahead at the trends shaping the RIA industry. The 2026 study surveyed 1,235 independent advisors representing $497 billion in AUM between July 13 and July 30, 2026.

Q: What do RIAs see as the biggest benefit of independence in 2026?
A: Being a fiduciary. Sixty-four percent of advisors in the 2026 study name it as the top benefit of being an RIA, and 90% say it is very helpful in keeping clients' best interests in mind.

Q: How are independent advisors using AI in 2026?
A: Mostly behind the scenes – 49% of RIAs are investing in AI integration to improve workflows, but only 7% use agentic AI today. Two in three (66%) plan to keep AI out of client-facing interactions so the experience stays personal.

Q: What will drive RIA growth over the next three years?
A: Relationships – 70% of advisors expect client referrals to drive growth and 60% point to exceptional service. AUM remains the primary measure of growth for 75% of firms.

Q: How many RIAs offer alternative investments and private markets?
A: Forty-five percent of RIAs offer alternative investments, most commonly real estate and private equity. Thirty-seven percent offer private market investments today, and another 13% plan to add them within three years.

Q: What type of regulation do RIAs want around AI?
A: AI regulation and guidance is the top advocacy priority for RIAs (38%), and 68% prefer AI standards that are clear and easy to understand over all-encompassing mandates (4%).

About the 2026 Schwab Independent Advisor Outlook Study

The study consists of a quantitative online survey, conducted from July 13 through July 30, 2026, polling 1,235 independent investment advisors who custody assets with Schwab Advisor Services, representing a total of $497 billion in AUM. Participation was voluntary, participants were not incentivized, and the typical (median) survey length was 16 minutes.

About Charles Schwab / Disclosures

At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

More information is available at www.aboutschwab.com. Follow us on X, Facebook, YouTube and LinkedIn.

Disclosures

The above-mentioned firms and their employees are not affiliated with or employees of Schwab unless otherwise noted. Mention should not be construed as a recommendation, endorsement of, or sponsorship by Schwab. The views expressed are those of the third party and are provided for information purposes only.

Schwab Advisor Services™ provides custody, trading, and the support services of Charles Schwab & Co., Inc. ("Schwab"), member SIPC, to independent investment advisors and Charles Schwab Investment Management, Inc. ("CSIM"). Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.

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