List Recognizes Firms Creating Unique Ways to Help Clients Continue to Navigate Complex Financial Lives Amid the Pandemic
ENGLEWOOD CLIFFS, N.J., October 6, 2020 – CNBC, First in Business Worldwide, today announced the 2020 CNBC FA 100, a ranked list of advisory firms that offer the best, most comprehensive planning and financial services to help clients navigate their financial lives. The top-ranked advisory firms on the CNBC FA 100 list average 27.5 years in business and have more than $485 billion in investor assets under management.
As the coronavirus continues to turn much of the population's personal and financial lives upside down, the need for professional financial planning has never been greater. From millions who have had their income drastically reduced to people's retirement accounts being significantly changed, the pandemic has shown that preparing for unexpected events is of utmost importance.
According to a new poll of firms on this year's CNBC FA 100 list, more than half have increased their investment in technology to support both clients and staff working remotely since the outset of the pandemic. However, respondents were largely split when it came to whether or not remote work has impacted their relationships with existing and prospective clients.
The list was selected from more than 1,000 qualifying firms using a proprietary methodology developed by CNBC in partnership with data provider AccuPoint Solutions. The analysis started with an initial list of more than 37,000 registered investment advisory firms. Key categories in the methodology include: number of RIAs employed by each firm, average account size and total accounts under management, among others. CNBC and AccuPoint Solutions determined the weighting for each category, further refining and ranking the firms, ultimately creating the list of CNBC FA 100. The complete methodology can be found here.
CNBC revealed the list across the network's platforms and will have special coverage throughout Business Day programming and on CNBC Digital. CNBC.com's special report, CNBC.com/FA100, features articles that include a closer look at how the advisory firms were selected, insights from investment professionals on diversity within the FA industry and how firms have managed to work with clients during a pandemic, among others. Additionally, David Rea, President of Salem Investment Counselors, which earned the top spot on the CNBC FA 100 for the second consecutive year, will be interviewed on CNBC's "Fast Money Halftime Report" (M-F, 12PM-1PM ET) today, Tuesday, October 6th.
Following are the top ten 2020 CNBC FA 100:
For more information regarding the CNBC FA 100, visit CNBC.com/FA100.
Follow @CNBC on Twitter and join the conversation using #FA100.
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