Small, but Growing, Companies

The survey respondents served as a reminder of how small agencies tend to be.

Twenty-two percent of respondents ran a sole proprietorship. A whopping 36% counted two to five people among their staff.

On the other hand, some agencies have grown beyond their traditional “mom-n-pop” size. The larger categories (11-20 employees, 21-50 employees and 50-plus employees) all comprised 11% of the respondents, respectively.

M&A has contributed in part to the rise of those 50-plus member agencies, though some of those mergers in all likelihood reduce the total number of agencies in that 11-50 range.

A small yet sizable portion of advisors are growing in size. Channel Futures asked respondents how their full-time headcounts changed in Q4. 

The majority (72%) said it remained the same. Twenty-five percent said headcount increased. Only 3% said headcount decreased.

When asked if hiring was easier or more difficult, 64% said they were unsure or weren’t hiring. Nineteen percent said hiring was easier, and 17% said it was not easier.