Now in their 3rd year, the FA-IQ Service Awards are based on the votes of financial advisors who participated in an an online survey in April, May and June.
In all, 742 advisors voted in 2022. Respondents represented multiple channels: 61% came from broker-dealers (including 40% from independent and regional BDs, and 19% from wirehouses), 32% from independent RIAs, and 4% from insurance agencies.
In rating asset managers, advisors identified the companies with which they have worked from a list. Then, for each category, they chose which among the companies they work with they considered outstanding.
We split asset managers up based on the total mutual fund and/or ETF assets each managed (to reflect the "retail" business), even when the company has a much larger institutional business. Advisors could choose from:● 32 “large” managers (those with $100 billion or more in mutual fund/ ETF assets)● 51 “midsize” managers (those with $20 billion to $99 billion in mutual fund/ETF assets)● 60 “small” managers (those with $5 billion to $19 billion in fund/ETF assets)For recordkeepers, Erisa law firms and TDF providers, we relied on votes from all advisors, but especially those with significant DC plan business.
Ignites Research, an FA-IQ affiliate, compiled the votes and oversaw these awards.