Despite the challenges of the last 10 years, independent financial advisory firmsare reporting that they’ve managed to stay on a growth trajectory —thanks in large part to how they treat their clients.

That’s according to Schwab’s 2016 RIA Benchmarking Study, which lookedat numerous factors contributing to registered investmentadvisors’ growth, strength, andresilience.

Client relationships emerged as a vital part of the picture,even as technology and human capital push operationalefficiency.

Growth may have slowed a bit over the past year for both assetsunder management and revenues, but both are still positive, withassets under management rising to $588 million in 2015 from $365million in 2011, at a median compound annual growth rate (CAGR) of9.2 percent. Revenues rose at a CAGR of 10.9 percent to $3.6million in 2015 from $2.3 million in 2011.

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Independent advisors have been working hard on those clientrelationships, which boosted both client retention rates andreferral levels. Average client size rose by 22 percent as advisorsspent more time reassuring clients and expanding the scope of theirrelationships. Client retention rates, despite market turbulence,stayed at 97 percent.

And clients are sending their friends and acquaintances to thoseadvisors; in 2015, approximately 75 percent of new clients, atfirms with $100 million or more in assets under management, weregained via referrals.

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Technology is high on the list of 25 percent of respondents, whosaid that their top priority is improving productivity with newtechnology. Technology-driven efficiencies and improvements inoperational processes, meanwhile, increased firm profitability in2015 4 percent from the prior year.

This is just the latest year in a trend, during whichprofitability has risen 27 percent in the past five years.

In addition to technology, firms are adding people — many withspecialized qualifications. At midsize firms with $500 million to$750 million in assets under management, 61 percent plan to addrelationship managers or investment professionals this year and 57percent plan to add support staff.

And across peer groups, firms strategically hire team memberswith specialized qualifications. The majority, at 83 percent, haveat least one certified financial planner on staff, followed by 55percent with at least one certified financial analyst; 42 percenthave at least one certified public accountant, while 23 percenthave at least one lawyer on staff.