With declining revenue and client growth, nearly two-thirds of registered investment advisors are offering fee  discounts and starting to unbundle their fee structures, new research released Monday by Fidelity Clearing & Custody Solutions shows.

The 2017 Fidelity RIA Benchmarking Study  reveals that RIA  revenue yield has dropped three basis points, revenue growth has fallen to 7%, and client growth is down to 5%—the lowest level in five years.

Now, 64% of RIAs are offering discounts on their fees, and RIAs are starting to formally unbundle their fee structures.

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