OAKS, PA--(Marketwired - Feb 4, 2014) - SEI (NASDAQ: SEIC) today announced that 2013 was a record-breaking year for the SEI Advisor Network as it generated more than $9 billion in gross cash receipts, a 27 percent 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 $2.4 billion, representing more than 50 percent 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.
"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," said Wayne Withrow, Executive Vice President and SEI Advisor Network Business Unit Leader. "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 Platform(SM) 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 Platform(SM) 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.
To learn more about the SEI Advisor Network, please visit www.seic.com/advisors.
About The SEI Advisor Network
The SEI Advisor Network provides financial advisors with turnkey wealth management services through outsourced investment strategies, administration and technology platforms, and practice management programs. It is through these services that SEI helps advisors save time, grow revenues, and differentiate themselves in the market. With a history of financial strength, stability, and transparency, the SEI Advisor Network has been serving the independent financial advisor market for more than 20 years, has over 5,700 advisors who work with SEI, and $41 billion in advisors' assets under management (as of December 31, 2013). The SEI Advisor Network is a strategic business unit of SEI. For more information, visit www.seic.com/advisors.
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2013, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $559 billion in mutual fund and pooled or separately managed assets, including $232 billion in assets under management and $327 billion in client assets under administration. For more information, visit www.seic.com.
Many of the statements in this release may be considered forward looking statements and include discussions about future events, operations, strategies and financial results. The Company's forward-looking statements are based on management's current expectations and assumptions regarding the future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances.
Any forward-looking statements made by the Company speak only as of the date on which they are made and are subject to change. The Company expressly disclaims any obligation to, update or correct any forward-looking statements contained in this release.