What do RIAs care about?

Elizabeth’s note: When I was the managing editor of Crain’s New York Business, I used to crane my neck when I saw someone reading the newspaper on the subway. I’d edge closer to try to ascertain what story they were reading. What caught their eye? Where were they lingering? Unless I tapped him or her on the shoulder to ask, I could never be sure.

Now, I can peep over our readers’ shoulders all the time – and even get part of the way into their brains, with sites like Google Analytics, Hit Box and Chartbeat.

There is a certain danger in focusing too much on the numbers, of course. Publications thrive on a mix of stories: those that appeal to the many and those that appeal very deeply to a few. On the whole, however, it’s a delight to know with certainty when a story connects with readers – and something to learn from when I see one that doesn’t.

The most read, most e-mailed, and most printed stories on RIABiz reveal some interesting truths about what RIAs are interested in. Judging by those metrics, RIAs are hungry for news about the asset custodians that make it possible for them to do business as independents. They are seeking inspiration from the stories of other independents. They want to know the nuts-and-bolts of how technology can serve their practices. And, as befits small companies in a heavily regulated industry, they have a wary eye on the government.

Common thread

If those ideas have a common thread, it is that they are all related to the tremendous, long-term upheaval in money management in the United States. RIAs are deeply aware that they are carving new paths in that tumultuous environment, and that they need to be informed.

Here are the top 8 stories on RIABiz, in the history of the site:

1. Fidelity races to develop M&A program ahead of looming merger boom
2. Part 1 of 3: Merrill Lynch stars take a leap of faith to a new office – and independence
3. Black Diamond is winning big accounts from Advent at an impressive clip
4. Why the DOL’s proposed 401(k) rule could ding brokers
5. Fidelity reorganizes its RIA business
6. Ameriprise Financial clamps down on franchisees with new rules
7. Five changes to expect in social media in 2010
8. RIA hybrids help Genworth’s wealth management business to stunning growth

Incidentally, the two other elements of the site that end up in the top 10 are our 'About’ page and our Directory.

Among the trends that readers are interested in: hybrids and breakaways.

Commonly searched-for terms

The most commonly searched-for terms are, unsurprisingly, the biggest firms in the business: Schwab, Fidelity and TD Ameritrade. A spate of rollup news has sent searches for Hightower, United Capital and Focus Financial into overdrive.

Among the search terms, there is evidence of the growing breakaway movement. RIABiz gets searches like “startup RIAs,” “broker protocol,” and “ria platform custodian comparison.”

In a sign that the business is still small enough to be fairly personal, there are many searches for people, like Charles Goldman, Bernie Clark and Sallie Krawchek.

A few searches we couldn’t help with, such as “what did terry bradshaw say at td conference.” (We didn’t cover that speech) and “where is charles goldman working?” (When you find out, please let us know.)

Positively esoteric

Our Internet tracking has brought us some surprises. Though we know – of course – that RIAs are no intellectual slouches, we did not know our readers would have a taste for some stories that seem positively esoteric, like the legal ramifications of the Supreme Court’s decision on mutual funds or the common law foundations of the fiduciary standard.

Another surprise was our growing international readership. Though the bulk of our readers are from the United States, RIABiz has had hundreds of visitors from Canada, Great Britain and India. And can the person from Port Harcourt, Nigeria, who spent 6 minutes reading a story please let us know what was so interesting? Surely, that would be valuable intelligence.

Most of this information is available only via our tracking sites. But RIABiz has recently added a most e-mailed story feature, which you will find in the right rail of the site. The stories that RIAs want to pass on to others? In what might be another bubbling sign of a recovery, the stories are about expansion plans, possible acquisitions and a looming IPO.