According to research firm CoreData’s Future of Advice report, the average number of clients is now 136 per adviser, with those practices with strong growth plans managing on average of 142 clients per adviser.

The recent Investment Trends’ 2024 Adviser Business Model report, however, found that advisers are managing the least number of clients since the firm first conducted this research in 2007, due primarily to fee increases.

According to the report, the average adviser is now managing 99 active clients, those seen at least annually, down from the spike of 120 active in 2023. Bringing the two reports closer together is the addition of passive clients, which advisers see less than once a year, with Investment Trends’ research including 41 passive clients per adviser in 2024.